Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | G WILLI FOOD INTERNATIONAL LTD |
Entity Central Index Key | 1,030,997 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 13,240,913 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Current assets | ||||
Cash and cash equivalents | ₪ | ₪ 113,062 | ₪ 129,577 | ||
Financial assets at fair value through profit or loss | ₪ | 143,514 | 104,921 | ||
Trade receivables | ₪ | 85,943 | 80,227 | ||
Other receivables and prepaid expenses | ₪ | 5,996 | 4,795 | ||
Inventories | ₪ | 39,899 | 41,877 | ||
Current tax assets | ₪ | 6,760 | 5,443 | ||
Total current assets | ₪ | 395,174 | 366,840 | ||
Non-current assets | ||||
Property, plant and equipment | ₪ | 78,598 | 77,204 | ||
Less-accumulated depreciation | ₪ | 37,389 | 34,963 | ||
Property, plant and equipment. net | ₪ | 41,209 | 42,241 | ||
Goodwill | ₪ | 36 | 36 | ||
Deferred taxes | ₪ | 503 | 2,354 | ||
Total non-current assets | ₪ | 41,748 | 44,631 | ||
Total assets | ₪ | 436,922 | 411,471 | ||
Current liabilities | ||||
Trade payables | ₪ | 12,800 | 14,832 | ||
Employees Benefits | ₪ | 2,147 | 2,253 | ||
Other payables and accrued expenses | ₪ | 5,246 | 2,533 | ||
Total current liabilities | ₪ | 20,193 | 19,618 | ||
Non-current liabilities | ||||
Retirement benefit obligation | ₪ | 1,148 | 849 | ||
Total non-current liabilities | ₪ | 1,148 | 849 | ||
Shareholders' equity | ||||
Share capital | ₪ | 1,425 | 1,425 | ||
Additional paid in capital | ₪ | 128,354 | 128,354 | ||
Capital fund | ₪ | 247 | 247 | ||
Retained earnings | ₪ | 286,509 | 261,486 | ||
Capital Fund measurement of the net liability in respect of defined benefit | ₪ | (954) | (508) | ||
Equity attributable to Shareholders' of the Company | ₪ | 415,581 | 391,004 | ||
Total equity and liabilities | ₪ | ₪ 436,922 | ₪ 411,471 | ||
US Dollars [Member] | ||||
Current assets | ||||
Cash and cash equivalents | $ | [1] | $ 32,611 | ||
Financial assets at fair value through profit or loss | $ | [1] | 41,394 | ||
Trade receivables | $ | [1] | 24,789 | ||
Other receivables and prepaid expenses | $ | [1] | 1,729 | ||
Inventories | $ | [1] | 11,508 | ||
Current tax assets | $ | [1] | 1,951 | ||
Total current assets | $ | [1] | 113,982 | ||
Non-current assets | ||||
Property, plant and equipment | $ | [1] | 22,670 | ||
Less-accumulated depreciation | $ | [1] | 10,784 | ||
Property, plant and equipment. net | $ | [1] | 11,886 | ||
Goodwill | $ | [1] | 10 | ||
Deferred taxes | $ | [1] | 145 | ||
Total non-current assets | $ | [1] | 12,041 | ||
Total assets | $ | [1] | 126,023 | ||
Current liabilities | ||||
Trade payables | $ | [1] | 3,692 | ||
Employees Benefits | $ | [1] | 619 | ||
Other payables and accrued expenses | $ | [1] | 1,514 | ||
Total current liabilities | $ | [1] | 5,825 | ||
Non-current liabilities | ||||
Retirement benefit obligation | $ | [1] | 331 | ||
Total non-current liabilities | $ | [1] | 331 | ||
Shareholders' equity | ||||
Share capital | $ | [1] | 411 | ||
Additional paid in capital | $ | [1] | 37,022 | ||
Capital fund | $ | [1] | 71 | ||
Retained earnings | $ | [1] | 82,639 | ||
Capital Fund measurement of the net liability in respect of defined benefit | $ | [1] | (275) | ||
Equity attributable to Shareholders' of the Company | $ | [1] | 119,868 | ||
Total equity and liabilities | $ | [1] | $ 126,024 | ||
[1] | Convenience Translation into US Dollars. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017ILS (₪)₪ / sharesshares | Dec. 31, 2016ILS (₪)₪ / sharesshares | Dec. 31, 2015ILS (₪)₪ / sharesshares | ||
IFRSStatementLineItems [Line Items] | |||||
Revenue | ₪ | ₪ 311,978 | ₪ 294,202 | ₪ 312,514 | ||
Cost of sales | ₪ | 237,645 | 217,585 | 237,452 | ||
Gross profit | ₪ | 74,333 | 76,617 | 75,062 | ||
Operating costs and expenses | |||||
Selling expenses | ₪ | 42,090 | 39,405 | 37,294 | ||
General and administrative expenses | ₪ | 15,839 | 14,577 | 32,925 | ||
Other Income | ₪ | (361) | (112) | (2,182) | ||
Operating costs and expenses | ₪ | 57,568 | 53,870 | 68,037 | ||
Operating profit | ₪ | 16,765 | 22,747 | 7,025 | ||
Finance Income | ₪ | 17,937 | (3,425) | 3,363 | ||
Finance expense | ₪ | 3,769 | 3,143 | 978 | ||
Finance Income, net | ₪ | 14,168 | (6,568) | 2,385 | ||
Profit before taxes on Income | ₪ | 30,933 | 16,179 | 9,410 | ||
Taxes on Income | ₪ | (5,910) | (5,327) | (2,566) | ||
Net Income | ₪ | ₪ 25,023 | ₪ 10,852 | ₪ 6,844 | ||
Earnings per share: | |||||
Basic earnings per share | ₪ / shares | ₪ 1.89 | ₪ 0.82 | ₪ 0.52 | ||
Diluted earnings per share | ₪ / shares | ₪ 1.89 | ₪ 0.82 | ₪ 0.52 | ||
Shares used in computation of basic EPS | shares | 13,240,913 | 13,240,913 | 13,240,913 | 13,090,729 | |
Shares used in computation of diluted EPS | shares | 13,240,913 | 13,240,913 | 13,240,913 | 13,090,729 | |
US Dollars [Member] | |||||
IFRSStatementLineItems [Line Items] | |||||
Revenue | $ | [1] | $ 89,985 | |||
Cost of sales | $ | [1] | 68,545 | |||
Gross profit | $ | [1] | 21,440 | |||
Operating costs and expenses | |||||
Selling expenses | $ | [1] | 12,140 | |||
General and administrative expenses | $ | [1] | 4,569 | |||
Other Income | $ | [1] | (104) | |||
Operating costs and expenses | $ | [1] | 16,605 | |||
Operating profit | $ | [1] | 4,835 | |||
Finance Income | $ | [1] | 5,173 | |||
Finance expense | $ | [1] | 1,087 | |||
Finance Income, net | $ | [1] | 4,086 | |||
Profit before taxes on Income | $ | [1] | 8,921 | |||
Taxes on Income | $ | [1] | (1,705) | |||
Net Income | $ | [1] | $ 7,216 | |||
Earnings per share: | |||||
Basic earnings per share | $ / shares | [1] | $ 0.54 | |||
Diluted earnings per share | $ / shares | [1] | $ 0.54 | |||
Shares used in computation of basic EPS | shares | [1] | 13,240,913 | 13,240,913 | ||
Shares used in computation of diluted EPS | shares | [1] | 13,240,913 | 13,240,913 | ||
[1] | Convenience Translation into US Dollars. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
IFRSStatementLineItems [Line Items] | |||||
Net Income | ₪ | ₪ 25,023 | ₪ 10,852 | ₪ 6,844 | ||
Other comprehensive Income (Expenses) | |||||
Re-measurement of net liabilities with respect to a defined benefit which will not be classified in the future as profit or loss, net of tax | ₪ | (446) | (311) | (140) | ||
Other comprehensive Income for the year | ₪ | (446) | (311) | (140) | ||
Total comprehensive Income for the year | ₪ | ₪ 24,577 | ₪ 10,541 | ₪ 6,704 | ||
US Dollars [Member] | |||||
IFRSStatementLineItems [Line Items] | |||||
Net Income | $ | [1] | $ 7,216 | |||
Other comprehensive Income (Expenses) | |||||
Re-measurement of net liabilities with respect to a defined benefit which will not be classified in the future as profit or loss, net of tax | $ | [1] | (129) | |||
Other comprehensive Income for the year | $ | [1] | (129) | |||
Total comprehensive Income for the year | $ | [1] | $ 7,087 | |||
[1] | Convenience Translation into US Dollars. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - ILS (₪) ₪ in Thousands | Share capital [Member] | Additional paid in capital [Member] | Measurement of the net liability in respect of defined benefit [Member] | Capital Fund [Member] | Retained earnings [Member] | Total |
Balance at Dec. 31, 2014 | ₪ 1,407 | ₪ 121,430 | ₪ (57) | ₪ 247 | ₪ 263,039 | ₪ 386,066 |
IFRSStatementLineItems [Line Items] | ||||||
Net Income | 6,844 | 6,844 | ||||
Currency translation differences | ||||||
Measurement of the net liability in respect of defined benefit | (140) | (140) | ||||
Total comprehensive Income for the year | (140) | 6,844 | 6,704 | |||
Exercise of options | 18 | 6,772 | 6,790 | |||
Employee benefit | 152 | 152 | ||||
Balance at Dec. 31, 2015 | 1,425 | 128,354 | (197) | 247 | 269,883 | 399,712 |
IFRSStatementLineItems [Line Items] | ||||||
Net Income | 10,852 | 10,852 | ||||
Measurement of the net liability in respect of defined benefit | (311) | (311) | ||||
Total comprehensive Income for the year | (311) | 10,852 | 10,541 | |||
Dividend distribution | (19,249) | (19,249) | ||||
Balance at Dec. 31, 2016 | 1,425 | 128,354 | (508) | 247 | 261,486 | 391,004 |
IFRSStatementLineItems [Line Items] | ||||||
Net Income | 25,023 | 25,023 | ||||
Measurement of the net liability in respect of defined benefit | (446) | (446) | ||||
Total comprehensive Income for the year | (446) | 25,023 | 24,577 | |||
Balance at Dec. 31, 2017 | ₪ 1,425 | ₪ 128,354 | ₪ (954) | ₪ 247 | ₪ 286,509 | ₪ 415,581 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
Cash flows - operating activities | |||||
Net Income | ₪ 25,023 | ₪ 10,852 | ₪ 6,844 | ||
Adjustments to reconcile net profit to net cash from operating activities (Appendix A) | (10,584) | 6,500 | 7,494 | ||
Net cash from operating activities | 14,439 | 17,352 | 14,338 | ||
Cash flows - investing activities | |||||
Acquisition of property plant and equipment | (2,650) | (1,915) | (2,994) | ||
Proceeds from sale of property plant and Equipment | 361 | 190 | 456 | ||
Redemption (acquisition) of non-current financial assets | 2,168 | (8,504) | |||
Proceeds from short term deposit | 20,288 | ||||
Proceeds from (used in) purchase of marketable securities, net | (30,833) | 42,010 | (22,087) | ||
Net cash from (used in) investing activities | (30,954) | 52,069 | (24,625) | ||
Cash flows - financing activities | |||||
Exercise of options | 6,790 | ||||
Dividend distribution | (19,249) | ||||
Short-term bank debt | (16) | 16 | |||
Net cash from (used in) financing activities | (19,265) | 6,806 | |||
Increase (decrease) in cash and cash equivalents | (16,515) | 50,156 | (3,481) | ||
Cash and cash equivalents at the beginning of the financial year | 129,577 | 79,421 | 82,902 | ||
Cash and cash equivalents of the end of the financial year | 113,062 | 129,577 | 79,421 | ||
A. Adjustments to reconcile net profit to net cash from operating activities | |||||
Decrease (Increase) in deferred income taxes | 1,851 | 1,260 | (3,110) | ||
Unrealized loss (gain) on marketable securities | (7,760) | (1,924) | (186) | ||
Depreciation and amortization | 3,682 | 3,762 | 3,723 | ||
Gain from short term deposit | (843) | ||||
Capital gain on disposal of property plant and equipment | (361) | (112) | (220) | ||
Stock based compensation reserve | 152 | ||||
Loss (gain) from non - tradable financial assets (see note 24i) | (5,368) | 7,734 | |||
Changes in assets and liabilities: | |||||
Increase (Decrease) in trade receivables and other receivables | (5,034) | 2,120 | 81 | ||
Decrease (Increase) in inventories | 1,978 | (7,360) | 14,069 | ||
Decrease (Increase) in trade and other payables, and other current and non-current liabilities | 428 | 1,020 | (6,172) | ||
Changes in assets and liabilities, total | (10,584) | 6,500 | 7,494 | ||
B. Significant non-cash transactions: | |||||
Purchase of property, plant and equipment | 115 | ||||
Supplemental cash flow information: | |||||
Income tax paid | ₪ 5,926 | ₪ 8,126 | ₪ 6,162 | ||
US Dollars [Member] | |||||
Cash flows - operating activities | |||||
Net Income | $ | [1] | $ 7,216 | |||
Adjustments to reconcile net profit to net cash from operating activities (Appendix A) | $ | [1] | (3,052) | |||
Net cash from operating activities | $ | [1] | 4,164 | |||
Cash flows - investing activities | |||||
Acquisition of property plant and equipment | $ | [1] | (764) | |||
Proceeds from sale of property plant and Equipment | $ | [1] | 104 | |||
Redemption (acquisition) of non-current financial assets | $ | [1] | 625 | |||
Proceeds from short term deposit | $ | [1] | ||||
Proceeds from (used in) purchase of marketable securities, net | $ | [1] | (8,892) | |||
Net cash from (used in) investing activities | $ | [1] | (8,927) | |||
Cash flows - financing activities | |||||
Exercise of options | $ | [1] | ||||
Dividend distribution | $ | [1] | ||||
Short-term bank debt | $ | [1] | ||||
Net cash from (used in) financing activities | $ | [1] | ||||
Increase (decrease) in cash and cash equivalents | $ | [1] | (4,763) | |||
Cash and cash equivalents at the beginning of the financial year | $ | [1] | 37,374 | |||
Cash and cash equivalents of the end of the financial year | $ | [1] | 32,611 | |||
A. Adjustments to reconcile net profit to net cash from operating activities | |||||
Decrease (Increase) in deferred income taxes | $ | [1] | 534 | |||
Unrealized loss (gain) on marketable securities | $ | [1] | (2,238) | |||
Depreciation and amortization | $ | [1] | 1,062 | |||
Capital gain on disposal of property plant and equipment | $ | [1] | (104) | |||
Loss (gain) from non - tradable financial assets (see note 24i) | $ | [1] | (1,548) | |||
Changes in assets and liabilities: | |||||
Increase (Decrease) in trade receivables and other receivables | $ | [1] | (1,453) | |||
Decrease (Increase) in inventories | $ | [1] | 570 | |||
Decrease (Increase) in trade and other payables, and other current and non-current liabilities | $ | [1] | 125 | |||
Changes in assets and liabilities, total | $ | [1] | (3,052) | |||
B. Significant non-cash transactions: | |||||
Purchase of property, plant and equipment | $ | [1] | ||||
Supplemental cash flow information: | |||||
Income tax paid | $ | [1] | $ 1,709 | |||
[1] | Convenience Translation into US Dollars. |
DESCRIPTION OF BUSINESS AND GEN
DESCRIPTION OF BUSINESS AND GENERAL | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of description of business and general [Abstract] | |
DESCRIPTION OF BUSINESS AND GENERAL | NOTE 1 - A. Description of Business: G. Willi-Food International Ltd. ("the Company") was incorporated in Israel in January 1994 and is engaged in the import, export, marketing and distribution of food products. Since May 1997, the Company's shares are listed on the NASDAQ Capital Market. The Company is a subsidiary of Willi-Food Investments Ltd. ("the Parent Company"). The shares of the Parent Company are registered for trade on the Tel-Aviv Stock Exchange. B. Definitions: The Company - The Group - The Company and its Subsidiaries, a list of which is presented in Note 5. Subsidiaries - Companies that are controlled by the Company (as defined in IAS 27) and whose accounts are consolidated with those of the Company. Related Parties - As defined in IAS 24. NIS - New Israeli Shekel. CPI - The Israeli consumer price index. US Dollars or $ - The U.S. dollar. Euro - The United European currency. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of summary of significant accounting policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - A. Applying international accounting standards (IFRS): Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies detailed in the continuation were applied on a consistent basis for all reporting periods presented in the financial statements, except for changes in accounting policies that were due to the application of standards, amendments to standards and interpretations that took effect on the date of the financial statements, and the application of standards, amendments to standards and interpretations that are not in effect and were adopted in early adoption by the Group, as detailed in Note 2U below. B. Format for presentation of Statement of Financial Position: The Group presents assets and liabilities in the Statement of Financial Position divided into current and non-current items. C. Format for analysis recognized in Income Statement: (1) Format for analysis of expenses recognized in Income statement: The Group's expenses in the Income statement are presented based on the nature of the activity of the expenses in the entity. (2) The Group's operating cycle is 12 months. D. Basis of preparation: The financial statements were prepared on the basis of the historical cost, except for: assets and liabilities measured by fair value: financial assets measured by fair value recorded directly as profit or loss. Inventories are stated at the lower of cost and net realizable value. Property, plant and equipment and intangibles assets are presented at the lower of the cost less accumulated amortizations and the recoverable amount. Liabilities to employees as described in Note 10. E. Foreign currencies: (1) Translation of foreign currency transactions In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (New Israeli Shekel (NIS)) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the balance sheet date. (Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined). Non-monetary items that are measured in terms of historical cost In a foreign currency are not retranslated. (2) Recognition of exchange differences Exchange differences are recognized in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive Income and reclassified from equity to profit or loss on disposal of the net investment. Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional, currency’). The consolidated financial statements are presented in ‘NIS’, which is the company’s functional and the group’s reporting currency. (3) Convenience translation The balance sheet as of December 31, 2017 and statement of Income, statement of other comprehensive Income and statement of cash flows for the year then ended have been translated into US Dollar using the representative exchange rate as of that date (US Dollar 1.0 = NIS 3.467). Such translation was made solely for the convenience of the U.S. readers. The dollar amounts so presented in these financial statements and in their accompanying notes should not be construed as representing amounts receivable or payable in US Dollars or convertible into US Dollars but only a convenience translation of reported NIS amounts into US Dollars, unless otherwise indicated. The convenience translation supplementary financial data is unaudited and is not presented in accordance with IFRSs. F. Cash and cash equivalents: Cash and cash equivalents include demand deposits and term deposits in banks that are not restricted as to usage, with an original period to maturity of not more than three months. Deposits that are restricted as to usage are classified as pledged deposits. Deposits with an original period to maturity exceeding three months, which as of the statement of financial position do not exceed one year, are classified as short-term investments. G. Basis of consolidation: (1) General The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive Income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-group transactions, balances, Income and expenses are eliminated in full on consolidation. (2) Non-controlling Interest Non-controlling interests in the net assets (excluding goodwill) of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling's share of changes in equity since the date of the combination. Losses attributable to non-controlling interests in excess of their share in the subsidiary's equity are charged commencing January 1, 2010 to non-controlling interests in any case, while ignoring its obligations and ability to make additional investments in the subsidiary. Commencing January 1, 2010, transactions with non-controlling interest shareholders, in the context of which the Company retains control before and after the transaction, are treated as capital transactions. (3) Changes in the Group's ownership interests in existing subsidiaries Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IAS 39 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity. H. Goodwill: Goodwill arising on the acquisition of a subsidiary represents the excess of the cost of acquisition over the Group's interest in the net fair value of the identifiable assets, liabilities and Contingent liabilities of the subsidiary or jointly controlled entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. I. Property, plant and equipment: Property, plant and equipment are tangible items, which are held for use in the manufacture or supply of goods or services, or leased to others, which are predicted to be used for more than one period. The Company presents its property, plant and equipment items according to the cost model. Under the cost method - a property, plant and equipment are presented at the balance sheet at cost (net of any investment grants), less any accumulated depreciation and any accumulated impairment losses. The cost includes the cost of the assets acquisition as well as costs that can be directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is calculated using the straight-line method at rates considered adequate to depreciate the assets over their estimated useful lives. Amortization of leasehold improvements is computed over the shorter of the term of the lease, including any extension period, where the Company intends to exercise such option, or their useful life. The annual depreciation and amortization rates are: Years % Land 50 2 Construction 25 4 Motor vehicles 5 15-20 (Mainly 20%) Office furniture and equipment 6 6-15 (Mainly 15%) Computers 3 20-33 (Mainly 33%) Machinery and equipment 10 10 The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Income statement. J. Inventories: Inventories are assets held for sale in the ordinary course of business, in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services. Inventories are stated at the lower of cost and net realizable value. Cost of inventories includes all the cost of purchase, direct labor, fixed and variable production over heads and other cost that are incurred, in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost determined as finished products, on the basis of standard cost which approximates actual production cost (materials, labor and indirect manufacturing costs). K. Financial assets: (1) General All financial assets are recognized and derecognized on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Financial assets are classified into the following specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition: · Financial assets ‘at fair value through profit or loss’ (FVTPL) · Loans and receivables (2) Financial assets at FVTPL Financial assets are classified as at FVTPL where the financial asset is either held for trading or it is designated as at FVTPL. A financial asset is classified as held for trading if: · It has been acquired principally for the purpose of selling in the near future; orit is a part of an identified portfolio of financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or · It is a derivative that is not designated and effective as a hedging instrument. Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset. (3) Loans and receivables Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortized cost using the effective interest method, less any impairment. Interest Income is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. (4) Impairment of financial assets Financial assets carried at amortized cost: Objective evidence of impairment exists when one or more events that have occurred after the initial recognition of the asset have a negative impact on the estimated future cash flows. Evidence of impairment may include indications that the debtor is experiencing financial difficulties, including liquidity difficulty and default in interest or principal payments. The amount of the loss recorded in profit or loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not yet been incurred) discounted at the financial asset's original effective interest rate (the effective interest rate computed at initial recognition). If the financial asset has a variable interest rate, the discount rate is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account (see allowance for doubtful accounts above). In a subsequent period, the amount of the impairment loss is reversed if the recovery of the asset can be related objectively to an event occurring after the impairment was recognized. The amount of the reversal, up to the amount of any previous impairment, is recorded in profit or loss. L. Financial liabilities and equity instruments issued by the Group: Classification as debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities. M. Revenue recognition: Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. (1) Sale of goods Revenue from the sale of goods is recognized when all the following conditions are satisfied: · The Group has transferred to the buyer the significant risks and rewards of ownership of the goods; · The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold · The amount of revenue can be measured reliably; · It is probable that the economic benefits associated with the transaction will flow to the entity; and · The costs incurred or to be incurred in respect of the transaction can be measured reliably. (2) Customer returns and rebates The customer returns, rebates and other credits are being deducted from revenues. and rebates, its enable for certain customers from time to time to return products. (3) Interest revenue Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. (4) Dividend revenue Dividend revenue from investments is recognized when the shareholder’s right to receive payment has been established. N. Leasing: (1) General Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. (2) The Group as lessee Operating lease payments are recognized as an expense on a straight-line basis over the lease term. In instance of operating lease agreements where lease payments are not paid at the beginning of the lease period, or where the lease payments are reduced, and the Group is getting additional benefits from the lesser, operating lease payments are recognized as an expense on a straight-line basis over the lease term. A lease agreement with the ILA with respect to a parcel of land is classified as finance leases. The prepaid lease payments are recognized on the balance sheet as "Property, plant and equipment", and are amortized on a straight-line basis O. Provisions: Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. P . Share-based payments: Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date using the Black&Sholts model. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss over the remaining vesting period, with a corresponding adjustment to the equity-settled employee benefits reserve. Equity-settled share-based payment transactions with other parties are measured at the fair value of the goods or services received, except where the fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The accounting for share-based compensation is as follows: The Parent Company initiated and approved the grant, and hence the Company has no obligation to settle the grant in accordance with IFRS 2.43B. This implies that the Company records an expense as if it were granting its own shares. The options fair value determined at the date of grant is recognized over the vesting period of each trench. Q. Taxation: Income tax expense represents the sum of the tax currently payable and deferred tax. (1) Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Income statement because it excludes items of Income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. (2) Deferred tax Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and are accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax Consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to Income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. R. Employee benefits: (1) Post-Employment Benefits The Group's post-employment benefits include: benefits to retirees and liabilities for severance benefits. The Group's post-employment benefits are classified as Defined Benefit Plans. Expenses in respect of a Defined Benefit Plan are carried to the Income statement in accordance with the Projected Unit Credit Method, while using actuarial estimates that are performed at each balance sheet date. The current value of the Group's obligation in respect of the defined benefit plan is determined by discounting the future projected cash flows from the plan by the market yields on high quality corporate bonds (see Accounting Staff Position number 21-1 of the Israeli Securities Authority: Maintaining a Deep Market in High Quality Corporate Bonds in Israel Including Accounting Treatment of the Transfer from a Capitalization Rate Appropriate for Government Bonds Market Yields to a Capitalization Rate Appropriate for Market Yields of High Quality Corporate Bonds as of December 31, 2014), denominated in the currency in which the benefits in respect of the plan will be paid, and whose redemption periods are approximately identical to the projected settlement dates of the plan. Actuarial profits and losses are recognized in earning when incurred. The Group's liability in respect of the Defined Benefit Plan which is presented in the Group's balance sheet includes the current value of the obligation in respect of the defined benefit, net of the fair value of the Defined Benefit Plan assets. The amendments to IAS 19 clarify how an entity should account for contributions made by employees or third parties to defined benefit plans, based on whether those contributions are dependent on the number of years of service provided by the employee. For contributions that are independent of the number of years of service, the entity may either recognize the contributions as a reduction in the service cost in the period in which the related service is rendered, or to attribute them to the employees’ periods of service using the projected unit credit method; whereas for contributions that are dependent on the number of years of service, the entity is required to attribute them to the employees’ periods of service. The directors of the Company do not anticipate that the application of these amendments to IAS 19 will have a significant impact on the Group's consolidated financial statements. (2) Short term employee benefits Short term employee benefits are benefits which it is anticipated will be utilized or which are to be paid during a period that does not exceed 12 months from the end of the period in which the service that creates entitlement to the benefit was provided. Short term company benefits include the company’s liability for short term absences, payment of grants, bonuses and compensation. These benefits are recorded to the statement of operations when created. The benefits are measured on a non-capitalized basis. The difference between the amount of the short term benefits to which the employee is entitled and the amount paid is therefore recognized as an asset or liability. S. Earnings (loss) per share: Basic earnings (loss) per share is computed with regard to Income or loss attributable to the Company's ordinary shareholders, and is calculated for Income (loss) from continuing operations attributable to the ordinary shareholders of the reported entity, should such be presented. Basic earnings per share is to be computed by dividing Income(loss) attributed to Owners of the Company (numerator), by the weighted average of the outstanding ordinary shares (denominator) during the period. In the computation of diluted earnings per share, the Company adjusted its Income (loss) attributable to its ordinary shareholders by multiplying their diluted EPS and the weighted average of the outstanding shares for the effects of all the dilutive potential ordinary shares of the Company. T. Exchange Rates and Linkage Basis (1) Balances in foreign currency or linked thereto are included in the financial statements based on the representative exchange rates, as published by the Bank of Israel, that were prevailing at the balance sheet date. (2) Following are the changes in the representative exchange rate of the US dollars vis-a-vis the NIS and in the Israeli CPI: Representative exchange rate Representative exchange rate CPI “in of the Euro of the dollar respect of” (NIS per €1) (NIS per $1) (in points) As of: December 31, 2017 4.15 3.46 113.04 December 31, 2016 4.04 3.84 112.59 December 31, 2015 4.25 3.90 112.82 Increase (decrease) during the: % % % Year ended: December 31, 2017 2.7 (9.9 ) 0.4 December 31, 2016 (4.9 ) (1.5 ) (0.2 ) December 31, 2015 (9.9 ) 0.51 (1.0 ) U. Adoption of new and revised Standards and interpretations: New and revised Standards and Interpretations in issue but not yet effective, were not early adopted by the Group and are expected to affect or could affect future periods: 1. IFRS 9 – “Financial Instruments” (a) General IFRS 9 (2014) "Financial Instruments" (hereinafter - the "Standard ") is the final standard of the financial instruments project. The Standard supersedes the previous stages of IFRS 9 which were published in 2009, 2010 and 2013. This final Standard includes the provisions for classification and measurement of financial assets, as published at the first stage in 2009 and amended in this version, and also includes the provisions for classification and measurement of financial liabilities, as published at the second stage in 2010, offers a revised and principal-based model regarding hedge accounting and presents a new model for assessment of projected loss from impairment as described below. Furthermore, the Standard revokes IFRIC 9 "Reassessment of Embedded Derivatives". (b) Financial assets The Standard determines that the financial assets be recognized and measured as follows: · Debt instruments will be classified and measured after initial recognition under one of the following alternatives: at amortized cost, fair value through profit or loss or fair value through other comprehensive income. The measurement model will be determined based on the entity’s business model regarding the management of financial assets, and according to the contractual cash flow characteristics of the financial assets. · A debt instrument which, according to the tests, is measured at amortized cost or at fair value through other comprehensive income, may be designated at fair value through profit or loss only if such designation eliminates measurement or recognition inconsistency that would been created had the asset been measured at amortized cost or at fair value through other comprehensive income. · Equity instruments are required to be measured at fair value through profit or loss. · Upon initial recognition, equity instruments may be designated at fair value through other comprehensive income. Instruments so designated will no longer be subject to impairment tests, and profit or loss thereon will not be carried to profit and loss, including upon disposal. · Embedded derivatives will not be bifurcated from a host contract which is within the scope of the Standard. Rather, hybrid contracts will be measured in their entirety at amortized cost or at fair value, according to the business model and contractual cash flow tests. · Debt instruments will only be reclassified when the entity changes its business model for financial assets management. · Investments in equity instruments that do not have quoted prices in active markets, including derivatives of such instruments, will be measured at fair value. The option to measure equity instruments at cost under certain circumstances was eliminated. However, the Standard notes that under certain circumstances, cost may constitute a fair approximation of fair value. (c) Financial liabilities The Standard also sets the following provisions regarding financial liabilities: The change in the fair value of a financial liability designated upon initial recognition to fair value through profit or loss and which arises from changes in the credit risk of the liability, shall be carried directly to other comprehensive income, unless doing so creates or increases an accounting mismatch. Once the financial liability is repaid or settled, amounts carried to other comprehensive income will not be classified to income or loss. All derivatives, regardless of whether they represent assets or liabilities, shall be measured at fair value through profit or loss, including a derivative financial instrument that constitutes a liability relating to an unquoted equity instrument, whose fair value cannot be measured reliably. (d) Impairment The new impairment model, which is based on expected credit losses, will be applied to debt instruments which are measured at amortized cost or at fair value through other comprehensive income, receivables in respect of lease, contract assets recognized according to IFRS 15 and written obligations to provide loans and financial guaranty contracts. The provision for impairment will be in respect of projected losses according to the probability of insolvency within the next 12 months (in the coming year), or according to the probability of insolvency over the lifetime of the instrument. Examination throughout the instrument’s lifetime is required if the credit risk has increased since the date of initial recognition of the asset. Another approach applies if the financial asset was created or purchased credit-impaired. (e) Effective date and early adoption The Standard is effective for annual reporting periods beginning on or after January 1, 2018. The Company completed the assessment of the impact of the Standard on its financial statements and the standard is not expected to have a material effect on the financial statements. 2. IFRS 15, "Revenue from Contracts with Customers": The new Standard sets a new and uniform mechanism that regulates the accounting treatment to be applied to revenue from contracts with customers. The standard revokes IAS 18 “Revenues” and IAS 11 “Construction Contracts” and their relating interpretations. The core principle of IFRS 15 is that revenue from contracts with customers shou |
SIGNIFICANT ACCOUNTING JUDGEMEN
SIGNIFICANT ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting judgement and key sources of estimation [Abstract] | |
SIGNIFICANT ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION | NOTE 3 - A. General: In the application of the Group's accounting policies, which are described in Note 2 above, the Group management is required, in certain cases, to make broad accounting judgments regarding estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on past experience and other factors that are considered to be relevant. Actual results could differ from these estimates. Management reviews the estimates and underlying assumptions on an ongoing basis. Changes in accounting estimates are only recognized in the period in which the estimate is changed if the change affects only that period or in the period of change and future periods if the change affects both current and future periods. The Company is a basic trader of goods, mostly in the Israeli food markets. All the sales are made in accordance with delivery notes, agreed price lists and invoices. The major assumptions are based on contractual commitments where sensitivity is insignificant. In addition, in the process of applying the Group's accounting policies, management makes various judgments, apart from those involving estimations, that can significantly affect the amounts recognized in the financial statements. Other estimates\assumptions used in our allowances are based on the Company's rich experience in the food market. Any sensitivity analysis of the effect of changes in critical estimates and assumptions would show negligible effect on the Company's financial position or results of operations. B. Significant judgments in applying accounting policies: The following are the significant judgments that the management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognized in financial statements. • Revenue recognition - the Group has recognized in revenues amounted to NIS 311,978 thousands in the year ended December 31, 2017 (NIS 294,202 thousands in the year ended December 31, 2016) for selling food products. its enable for certain customers from time to time to return products. As a result, the revenues that company has recognized includes provisions to returns. The group records a provision for slow moving inventory in respect of inventory items estimated by management not to be realized due to expiration date. The slow-moving inventory is based on the historic realization rate of the respective item as well as on management's estimate with respect to its future realization rate. Contingent liabilities and legal proceedings- In estimating the likelihood of the outcome of legal claims filed against the Company and its investees, management considers the facts and circumstances, as well as the opinion of company's legal counsel. These estimates are based on professional judgment, taking into account, inter alia, the stage of proceedings and legal precedents in respect of the different issues. Since the outcome of the claims will be determined in courts, the results could differ from these estimates. • Employee benefits - The present value of the Group's liability for retirement and pension plan to its employees is based on a large number of inputs, which are determined on the basis of an actuarial valuation, while using a large number of assumptions, including discount rate. Changes in the actuarial assumptions may affect the carrying amount of the Group's liabilities for retirement and pension payments. The Group estimates the discount rate once a year, based on the discount rate of highly rated corporate bonds with similar terms and similar conditions. Other key assumptions are determined based on market conditions and the Group's past experience. For additional information about the assumptions used by the Group, see Note 10. |
CURRENT ASSETS
CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of current assets [Abstract] | |
CURRENT ASSETS | NOTE 4 - A. Cash and cash equivalents - composition: December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Cash in bank 12,962 90,426 3,739 Short-term bank deposits 100,100 39,151 28,872 113,062 129,577 32,611 B. Financial assets at fair value through profit or loss: December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Financial assets carried at fair value through profit or loss (FVTPL): Shares 44,494 35,091 12,834 Governmental loan and other bonds 87,905 58,249 25,355 Certificate of participation in mutual fund 11,115 11,581 3,205 143,514 104,921 41,394 C. Trade receivables: (1) Composition December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Trade receivables(*) 88,324 82,382 25,476 Less - allowance for doubtful debts 2,381 2,155 687 85,943 80,227 24,789 (*) Less provision for returns in the sum of NIS 1,841 (as of December 31, 2016 - NIS 1,500). The average credit period on sales of goods is 86 days. Before accepting any new customer, the Group assesses the potential customer's credit quality and defines credit limits by customer. Credit limits are examined periodically based on the Company's collection experience with each customer and additional external information. From total trade receivables balances as of December 31, 2017, the sum of NIS 7,932 is with respect to debt owed by significant customers. The Group does not have additional customers whose purchase from the Company exceeds 10% of the Revenues (2) Changes in the allowance for doubtful debts: December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Balance at beginning of the year 2,155 3,448 622 Change in allowance doubtful debts(*) 226 (1,293 ) 65 Balance at end of the year 2,381 2,155 687 (*) See Note 24q. D. Other receivables and prepaid expenses: December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Prepaid expenses 688 595 198 Income receivables - 1,039 - Advances to suppliers 339 1,984 98 Government authorities 953 326 275 Receivables in respect of investment in a non-current asset 3,970 770 1,145 Others 46 81 13 5,996 4,795 1,729 E. Inventories December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Finished products 32,690 36,818 9,429 Merchandise in transit 7,209 5,059 2,079 39,899 41,877 11,508 The inventories are presented net of slow moving inventory provision in the amount of NIS 1,834 thousand and NIS 369 thousand on fiscal 2017 and fiscal 2016, respectively. |
INVESTMENTS IN SUBSIDIARIES
INVESTMENTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of subsidiaries [abstract] | |
INVESTMENTS IN SUBSIDIARIES | NOTE 5 - The consolidated financial statements include the financial statements of the following Subsidiaries: Subsidiary Location Jurisdiction of Organization Company's Ownership Interest December 31, 2 0 1 7 2 0 1 6 Gold Frost Ltd. ("Goldfrost") Israel Israel 100.00 % 100.00 % W.F.D. Ltd. Israel Israel 100.00 % 100.00 % B.H.W.F.I Ltd. ("BHWFI") Israel Israel 100.00 % 100.00 % |
PROPERTY PLANT AND EQUIPMENT
PROPERTY PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY PLANT AND EQUIPMENT | NOTE 6 - Composition: Machinery Computers Land and and Motor and Office Building equipment Vehicles equipment Furniture Total Consolidated Cost: Balance -January 1, 2016 54,411 4,279 11,660 4,382 1,309 76,041 Changes during 2016: Additions 66 240 1,353 202 54 1,915 Dispositions - (131 ) (621 ) - - (752 ) Balance - December 31, 2016 54,477 4,388 12,392 4,584 1,363 77,204 Changes during 2017: Additions 10 705 1,419 196 320 2,650 Dispositions - - (1,256 ) - - (1,256 ) Balance - December 31, 2017 54,487 5,093 12,555 4,780 1,683 78,598 Accumulated depreciation: Balance - January 1, 2016 15,378 1,979 10,329 3,382 807 31,875 Changes during 2016: Additions 1,660 922 874 267 37 3,760 Dispositions - (51 ) (621 ) - - (672 ) Balance - December 31, 2016 17,038 2,850 10,582 3,649 844 34,963 Changes during 2017: Additions 1,663 894 821 260 44 3,682 Dispositions - - (1,256 ) - - (1,256 ) Balance - December 31, 2017 18,701 3,744 10,147 3,909 888 37,389 Net book value: December 31, 2017 35,786 1,349 2,408 871 795 41,209 December 31, 2016 37,439 1,538 1,810 935 519 42,241 Net book value (Dollars in thousands): December 31, 2017 10,322 389 695 251 229 11,886 December 31, 2016 9,737 400 471 243 135 10,986 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of goodwill [Abstract] | |
GOODWILL | NOTE 7 - Annual test for impairment: By the end of the year 2017 the amount of goodwill was NIS 36 thousands, based on the materiality estimate, the Group determined that no test for impairment of goodwill was necessary. |
DETAILS OF CURRENT LIABILITIES
DETAILS OF CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of details of current liabilities [Abstract] | |
DETAILS OF CURRENT LIABILITIES | NOTE 8 - A. Trade payables December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Open accounts 12,446 13,401 3,590 Checks payables 354 1,431 102 12,800 14,832 3,692 The average credit period on purchases of certain goods is approximately 24 days. B. Other payables and accrued expenses December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Customer advances 1,223 351 353 Accrued expenses 3,985 2,182 1,149 Others payables 38 - 12 5,246 2,533 1,514 |
PROVISIONS
PROVISIONS | 12 Months Ended |
Dec. 31, 2017 | |
Provisions [abstract] | |
PROVISIONS | NOTE 9 - PROVISIONS A. In October 2013, the Company filed a claim with the Rishon Le'Zion Magistrate Court against the Israel Customs and VAT Department in the framework of which it demanded that the Court nullify the charge issued to the Company by the Central Customs House, which had argued that, for customs purposes, the Company did not include various costs that it had incurred in order to receive Kosher certification for the food products that it had imported over a seven-year period, thereby underpaying customs duties (in this paragraph, the "Charge Notice"). The Charge Notice requires the payment of total customs duties of approximately NIS 150 thousand (US Dollars 39 thousand). According to the estimate of legal advisers to the Company, there is a small likelihood of cancelling the notice and therefore partial provision was made in the financial statements as of December, 31 2014 in respect of the Charge Notice. In June 2014 and August 2015, a District Court denied appeals in similar cases by other food products companies. On December 2, 2015, the Supreme Court heard motions to appeal in the matter of inclusion of costs of kosher certification in the value of goods imported, for tax purposes, and denied the motions to appeal, and thus confirmed the judgments rendered by the District Courts. In light of the aforesaid, the chances that the Company's lawsuit will succeed was very low and the Company reached agreements with the Tax Authority that its lawsuit will be withdrawn without order for costs. The Company recognized expenditures with respect to the costs of kosher certification in the sum of approximately NIS 0.6 million in the financial statement as of December, 31 2015. During the first quarter of 2016, the Company paid the entire shortfall amount including interest, linkage and VAT, in the sum of approximately NIS 0.8 million. B. On November 14, 2016, Green Cola Hellas S.A. (in this section - the “Plaintiff”) filed a claim against Company in the Magistrates Court of Kfar Saba as a summary proceeding. The claim alleges breach of contract by Company, in that, according to the Plaintiff, Company failed to pay consideration for products provided to it by the Plaintiff. The sum of the claim is for NIS 201,025. On 12.06.2017, court gave effect to a compromise settlement reached by the plaintiff and the Company as part of a mediation process, in which the Company paid the plaintiff an immaterial amount to dismiss the claim. C. For further information regarding legal claims provisions please see note 24m, 24o. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of defined benefit plans [abstract] | |
EMPLOYEE BENEFITS | NOTE 10 - EMPLOYEE BENEFITS A. Defined benefit plans - General: According to labor laws and the Severance Pay Law in Israel, the Group is required to pay compensation to an employee upon dismissal or retirement (including employees who quit their job under other specific circumstances). The computation of the employee benefit liability is made according to the current employment contract based on the employee's latest salary which, in the opinion of management, establishes the entitlement to receive the compensation and considering the employment term. The Group accounts for that part of the payment of compensation that is not covered by contributions in defined contribution plans, as a defined benefit plan for which an employee benefit liability is recognized and for which the Group deposits amounts in qualifying insurance policies. The plan assets, once funded, are outside of the Company's management, which does not make any decisions regarding the composition of the assets nor the allocations to any investment alternatives. The present value of the defined benefit obligation and the related current service cost and past service cost were measured at present value (without deducting plan assets) of future payments expected to settle the obligation in consideration of employee's past and current services. The current value of the Group's post-employment benefits obligation is based on an actuarial estimation. The actuarial estimation was performed by external actuary, member of Israel Association of Actuaries. B. Composition: December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Post-Employment Benefits: Benefits to retirees 1,148 849 331 Short term employee benefits: Accrued payroll and related expenses 1,575 1,638 454 Short term absence compensation 572 615 165 2,147 2,253 619 The principal assumptions used for the purposes of the actuarial valuations were as follows: Valuation at 2 0 1 7 2 0 1 6 % % Discount rate 2.55 3.36 Expected return on the plan assets 2.55 3.36 Rate of increase in compensation 4 4 Expected rate of termination: 0-1 years 35 35 1-2 years 30 30 2-3 years 20 20 3-4 years 15 15 4-5 years 10 10 5 years and more 7.5 7.5 The assumptions regarding future mortality rates are based on mortality tables published and approved by the Ministry of Finance and updated as of December 31, 2001. The mortality rate of an active participant at retirement age (67 for men, 64 for women), is 0.6433% for men and 0.3574% for women. The provisions of Standard 19 stipulate that interest used to capitalize assets and liabilities should reflect risk free interest that is interest on highly rated corporate bonds with similar maturity periods and terms. Until November 2014, absent quality data and information about bonds of this type, what was utilized was the interest on long-term index linked government bonds (index linked Galil)/or long-term shackle government bonds (NIS Dawn - “Shachar”). Following a decision by the Securities Authority, according to which there is a deep market for corporate bonds, and according to the publication of Accounting Staff Position number 12-1, as of this report, the capitalization interest is that of high quality corporate bonds. Use of a quality curve as stated above, is published by quoting companies which specialize in this field. The nominal interest rate for the capitalization appropriate for corporate bonds with high rankings as aforesaid, as of December 31, 2017, is 2.55% per year. C. Defined benefit plans: Changes in the present value of the defined benefit obligation in the current period were as follows: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Opening defined benefit obligation 4,748 4,357 1,369 Current service cost 768 904 222 Interest cost 162 148 47 Actuarial gains - (3 ) - Actuarial losses arising from experience adjustments 370 (36 ) 107 Actuarial gains arising from changes in financial assumptions 12 192 3 Benefits paid (927 ) (814 ) (267 ) Closing defined benefit obligation 5,133 4,748 1,481 Changes in the fair value of the defined benefit assets in the current period were as follows: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Opening defined benefit assets 3,899 3,678 1,125 Expected return on the plan assets 139 130 40 Changes in financial assumptions (63 ) (156 ) (18 ) Employer contribution 803 939 232 Benefits paid (814 ) (663 ) (235 ) Interest losses on severance payment allocated to remuneration benefits 21 (29 ) 6 Closing defined benefit assets 3,985 3,899 1,150 Adaption of the current value of defined benefit plan liability and the fair value of the plan's assets to the assets and liabilities recognized in the Balance Sheets: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Present value of funded liability 5,133 4,748 1,480 Fair value of plan assets - accumulated deposit in executive insurance 3,985 3,899 1,149 Net liability deriving from defined benefit obligation 1,148 849 331 Actual return on the plan's assets and compensation rights: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Actual return on plan's assets 139 131 40 Sensitivity analyzes principal actuarial assumptions: The sensitivity analyzes below have been determined based on reasonably possible changes in actuarial assumptions at the end of the reporting period. Sensitivity analysis does not account for any existing interdependence between assumptions: If the discount rate were increased (decreased) by 0.5%, the defined benefit obligation would have increased / decreased by NIS 228 thousand (US Dollars 66 thousand). If the rate hikes expected salaries would have increased (small) by 0.5%, the defined benefit obligation would have increased / decreased by NIS 186 thousand (US Dollars 53 thousand). D. Short term employee benefits: (1) Paid Annual Leave In accordance with the Annual Leave Law, 1951, Company employees are entitled to several leave days per each working year. According to the above law (and addendums determined in personal contracts between the Company and several employees), the leave days due to an employee during the year is established based on the number of years of employment of that employee. The employee may use leave days based on the employee's needs and with the Company's consent and to accumulate the remaining unused leave days based on the employee's personal employment contract. An employee who ceases employment before using the balance of leave days is entitled to payment for the above balance of leave days. The balance of the Group's vacation provision is in accordance with the leave entitlement of each individual employee, according to his individual agreement with the company to which the employee belongs and in accordance with the employee's salary. The balance of the Group’s vacation provision for December 31, 2017, as NIS 422 thousands (NIS 457 thousands, as of December 31, 2016). (2) Paid Sick Leave In accordance with the Sick Pay Law, 1976, the Company's employees are entitled to 18 sick days per year (1.5 sick days per month). Sick days may be used only with a medical confirmation of an employee's illness. Employee who ceases employment before using the sick days due to the employee is not entitled to payment for the above balance of sick days and, therefore, such provision is not recorded in the Company's books. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income taxes [Abstract] | |
INCOME TAXES | NOTE 11 - A. Composition: Year ended December 31 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Current taxes: Current taxes 3,918 4,067 5,745 1,130 Taxes in respect of prior years 141 - (69 ) 41 4,059 4,067 5,676 1,171 Deferred taxes 1,851 1,260 (3,110 ) 534 5,910 5,327 2,566 1,705 B. Reconciliation of the statutory tax rate to the effective tax rate: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Income before Income taxes 30,933 16,179 9,410 8,921 Statutory tax rate 24 % 25 % 26.5 % 24 % Tax computed by statutory tax rate 7,424 4,044 2,494 2,141 Tax increments (savings) due to: Non-deductible expenses 51 70 29 15 Tax exempt Income (343 ) (33 ) (98 ) (99 ) Profit or loss for tax for which deferred taxes were not provided (1,196 ) 1,198 - (345 ) Changes in tax rates - 88 - - Temporary differences for which deferred taxes were not provided (132 ) - 170 (38 ) Previous year taxes 141 - (69 ) 40 Other (35 ) (40 ) 40 (9 ) 5,910 5,327 2,566 1,705 C. Deferred Taxes: January December December 1, 2017 Change 31, 2017 31, 2017 NIS NIS NIS US Dollars Deferred taxes arise from the following: Financial assets carried at fair value through profit or loss 67 (842 ) (775 ) (223 ) Employees benefits 352 43 395 114 Allowance for doubtful accounts 516 32 548 158 935 (767 ) 168 49 Carry forward tax losses 1,419 (1,084 ) 335 96 2,354 (1,851 ) 503 145 January December December 1, 2016 Change 31, 2016 31, 2016 NIS NIS NIS US Dollars Deferred taxes arise from the following: Financial assets carried at fair value through profit or loss (88 ) 155 67 17 Employees benefits 283 69 352 92 Allowance for doubtful accounts 913 (397 ) 516 134 1,108 (173 ) 935 243 Carry forward tax losses 2,507 (1,088 ) 1,419 369 3,615 (1,261 ) 2,354 612 C. Additional Information: (1) Pursuant to the provisions of Section 145 to the Income Tax Ordinance, tax assessments through the year 2013 are considered final, subject to certain limitations. (2) At the beginning of January 2016, the Law for the Amendment of the Income Tax Ordinance was published, enacting a reduction of corporate tax rate beginning on January 1 2016 and thereafter, from 26.5% to 25%. The new corporate tax rate applied to income that was earned or generated as from January 1, 2016. (3) In December 2016, the Economic Efficiency Law (Legislative Amendments for Implementing the Economic Policy for the 2017 and 2018 Budget Year), 2016 was published, introducing a reduction in corporate tax rate as from January 1, 2017 to a rate of 24% (instead of 25%) and from January 1, 2018 to a rate of 23%. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of contingent liabilities [abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 12 - (1) The Company has an obligation to pay incentives to several customers that are not subject to the Food Law, 5744-2014, which came into effect on January 15, 2015. Some of those incentives are payable as a rate of total annual sales to those customers, and some of those incentives are payable as a rate of acquisitions in excess of an agreed upon annual volume of activities. The incentives are calculated specifically for each customer. (2) On October 17, 2017, a General Meeting of the Shareholders of the company approved management services agreements pursuant to which Messrs. Yoseph Williger and Zwi Williger are to serve as active co-chairmen of the Board of Directors. (The said approval was granted after the management services agreements were approved by the company's Compensation Committee and Board of Directors, as required by law). The said agreements were signed between the Company and companies under the ownership and control of Messrs. Yoseph Williger and Zwi Williger (hereinafter – “the Management Services Agreements” “the Management Companies” and Messrs. Williger”, respectively). The main provisions of Management Services Agreements are described below: According to the Management Services Agreements, each of the co-Chairmen are to serve as an active co-Chairman of the Board of Directors on a part-time basis (60% of a full-time position), over a period of three years from the date of their appointment. Messrs. Yoseph Williger and Zwi Williger will each be entitled to monthly management fees of NIS 60,000 plus VAT (hereinafter – “the Monthly Management Fees”) and to annual remuneration and remuneration for participation in meetings of the Board of Directors and/or its committees according the “minimum amount” as set forth in the Israeli Companies Regulations (Rules Regarding Compensation and Expenses of an External Director), 5760-2000 (the “Compensation Regulations”) in addition to the Monthly Management Fees. Messrs. Yoseph Williger and Zwi Williger will each be entitled to annual bonus at a total amount that will not exceed NIS 720 thousand plus VAT, provided that the annual operating profit will not be less than NIS 15 million, on the basis of the mechanism set out below: (a) a bonus of up to 2% for the initial NIS 10 million of operating profit; (b) a bonus of up to 3% of operating profit in excess of NIS 10 million and up to and including NIS 15 million; (c) a bonus of up to 4% of operating profit in excess of NIS 15 million and up to and including NIS 20 million; (d) a bonus of up to 5% of operating profit in excess of NIS 20 million. The Management Services Agreements include an advance notice period and a retirement grant of 3-6 months (according to the period that has elapsed since the date of entering into the engagement and according to the identity of person/entity who terminated the engagement). Messrs. Yoseph Williger and Zwi Williger will be included in the Company's insurance policy, including directors and office holders policy (if any), and they will also be entitled to an exemption and indemnification letter from the Company in accordance with the exemption and indemnification letters that were adopted and/or will be adopted by the company with regard to all of its office holders. Under the Management Service Agreement, the Company will provide each of Messrs. Yoseph Williger and Zwi Williger a personal vehicle and means of communication (mobile and landline phone and home internet). The company shall bear all the expenses relating to the provision of the above, including grossing up the related tax in connection therewith. (3) On April 1, 1997, the parent Company and the Company entered into an agreement for the provision of management, administration, bookkeeping, secretarial and controllership services. This agreement was updated on October 2, 2017. Pursuant to the said agreement, the parent company shall pay the Company a monthly amount of NIS 10,000 plus VAT for the said services and for external services that are provided at the same time to the parent Company and to the subsidiary by the same third party, such as legal services, auditing services, etc., but excluding unique and specific services that are provided to the parent Company or to the company. This agreement will be effective for a 3-year period through August 21, 2020. (4) Generally, the Group does not enter into agency agreements or other written agreements with its suppliers. Nevertheless, the Group has written approvals from approximately 12 foreign suppliers, which approve that the Group is an exclusive agent and/or distributor of that supplier in Israel in connection with a specific product or line of products that is manufactured by that supplier. (5) |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
SHAREHOLDERS' EQUITY | NOTE 13 - Composition: Ordinary shares of NIS 0.1 par value each December 31 2 0 1 7 2 0 1 6 Authorized share capital 50,000,000 50,000,000 Issued and outstanding 13,240,913 13,240,913 |
SHARE BASED PAYMENT
SHARE BASED PAYMENT | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE BASED PAYMENT | NOTE 14 - In previous years, the parent Company adopted plans to award options to buy its own shares and shares of the Company to senior office holders and to Company’s employees. As from December 2015 and as of the date of reporting, the parent Company does not have any active options award plans and no options are exercisable into Company shares by any company officer or company employee. |
SELECTED CONSOLIDATED STATEMENT
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of selected consolidated statements of operations data [Abstract] | |
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA | NOTE 15 - A. Revenues: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Sale of products 311,978 294,202 312,514 89,985 B. Cost of sales: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Purchases 222,351 220,088 209,577 64,134 Transportation 1,579 1,523 1,603 455 Depreciation and amortization 2,323 2,287 2,203 670 Maintenance 5,202 3,881 3,858 1,500 Other costs and expenses 2,062 1,278 2,107 595 233,517 229,057 219,348 67,354 Change in finished goods 4,128 (11,472 ) 18,104 1,191 237,645 217,585 237,452 68,545 C. Selling expenses: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Salaries and related expenses 14,316 12,969 12,532 4,129 Transportation and maintenance 11,619 9,555 10,601 3,351 Vehicles 3,564 3,833 3,989 1,028 Advertising and promotion 5,472 6,694 4,238 1,578 Depreciation and amortization 784 821 963 226 Others 6,335 5,533 4,971 1,828 42,090 39,405 37,294 12,140 D. General and administrative expenses: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Salaries and related expenses 8,922 9,126 22,062 2,573 Salary expenses relating Stock Incentive Plan - - 152 - Office maintenance 1,182 1,106 1,149 341 Professional fees 3,436 3,230 3,922 991 Vehicles 713 602 415 206 Depreciation and amortization 599 652 558 173 Bad and doubtful debts 226 (1,292 ) 3,402 65 Communication 136 116 135 39 Other 625 1,037 1,130 181 15,839 14,577 32,925 4,569 E. Employees benefit costs: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Payroll (without payment to related parties) 22,983 19,184 18,061 6,629 22,983 19,184 18,061 6,629 F. Depreciation and amortization: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Depreciation of fixed assets (see note 6) 3,682 3,762 3,807 1,062 |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other income [Abstract] | |
OTHER INCOME | NOTE 16 - Composition: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Operation Protective Edge - - 1,961 - Capital gain on fixed assets realization 361 112 221 104 361 112 2,182 104 |
FINANCE INCOME AND EXPENSES
FINANCE INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of finance income and expenses [Abstract] | |
FINANCE INCOME AND EXPENSES | NOTE 17 - A. Financing Income: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Interest Income: Short-term bank deposits 30 333 957 9 Interest Income of debentures held for trading 3,274 1,791 1,901 944 Other 16 (11 ) (74 ) 5 Total interest Income 3,320 2,113 2,784 958 Other: Changes in fair value of financial assets at fair values 7,760 1,924 186 2,238 Gain (loss) from non-tradable financial assets (see note 24i). 5,368 (7,734 ) - 1,548 Foreign currency differences - - 13 - Dividends 1,489 272 380 429 Total financing Income 17,937 (3,425 ) 3,363 5,173 B. Financing expenses: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Other: Foreign currency differences 2,708 2,222 627 781 Bank fees 599 449 351 173 Management fees for investment houses 462 300 - 133 Other - 172 - - Total financing costs 3,769 3,143 978 1,087 |
EARNING PER SHARE
EARNING PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
EARNING PER SHARE | NOTE 18 - Composition: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars A. Basic earnings per share : Earnings used in the calculation of basic earnings per share to equity holders of the parent 25,023 10,852 6,844 7,216 B. Diluted earnings per share: Profit used to compute diluted earnings per share from continuing operations 25,023 10,852 6,844 7,216 Weighted average number of shares used in computing basic earnings per share from continuing operations 13,240,913 13,240,913 13,090,729 13,240,913 Weighted average number of shares used in computing diluted earnings per share from continuing operations 13,240,913 13,240,913 13,090,729 13,240,913 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS | NOTE 19 - A. Significant accounting policies: Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which Income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2 to the financial statements. B. Categories of financial instruments: As of December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Financial assets Financial assets at fair value through profit or loss 143,514 104,921 41,394 Cash and cash equivalents 113,062 129,577 32,611 256,576 234,498 74,005 C. Objectives of managing financial risks: The finance departments of the Group provide services to the business activity, enable access to local and international financial markets, supervise and manage the financial risks relating to the Group's activities using internal report that analyze the extent of the risk exposure according to degree and intensity. These risks include market risks (including currency risk, fair value risk in respect of the interest rates, price risk and cash flow risk in respect of the interest rates), credit risk and liquidity risk. The Group reduces the impact of the aforesaid risks from time to time by using derivative financial instruments in order to hedge the risk exposures; such derivatives are not designated as hedges for accounting purposes. Derivatives are used according to the Group's policy, which was approved by the boards of directors. The policy prescribes principles regarding: management of currency risk, interest rate risk, credit risk, the use of derivatives and of non-derivative financial instruments, and investment of liquidity surplus. The compliance with policy and the exposure levels are reviewed by the internal auditor on a continuing basis. The financial management departments of the Group report to the investment committee of the Group and to the board of directors of the Company about the risks and about implementation of the assimilated policy in order to minimize the risk exposures. D. Market risk: The Group's activity exposes it mainly to financial risks of fluctuations in the exchange rates of foreign currency and/or changes in the prices of the imported products and/or changes in the interest rates. The Group purchases forward foreign-currency swap contracts, as needed, opens documentary credit to suppliers, and carries out orders for imported goods. During the report period, no change occurred in the exposure to market risks or in the way by which the Group manages or measures the risk. E. Other price risks: The Group is exposed to price risks of - shares, certificate of participation in mutual fund and bonds, which are classified as financial assets carried at fair value through profit or loss. The carrying amount of the investments exposed to price risks of shares, certificate of participation in mutual fund and bonds is NIS 143,514 Sensitive analysis in respect to exposure relating to price risks of shares, certificate of participation in mutual fund and bonds. The sensitivity analysis includes only shares, certificate of participation in mutual fund and bonds at the period end for a 10% change in its prices. A positive number below indicates an increase in profit and other equity where the prices strengthen 10% against the actual prices. For a 10% weakening of the prices against the actual prices, there would be an equal and opposite impact on the profit and other equity, and the balances below would be negative. 2 0 1 7 2 0 1 6 NIS NIS Profit or loss 14,351 10,492 F. Credit risk: Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group only transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by independent rating agencies where available and, if not available, the Group uses other publicly available financial information and its own trading records to rate its major customers. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and, where appropriate, credit guarantee insurance cover is purchased. Once a month the Group performs credit evaluation of the finance condition of its receivables. Aging of impaired trade receivables are 86 days and in the year 2017 (89 days in the year 2016). G. Liquidity risk management: The following table presents the Group's outstanding contractual maturity profile for its non-derivative financial liabilities. The analysis presented is based on the undiscounted contractual maturities of the Group's financial liabilities, including any interest that will accrue. Non-interest bearing financial liabilities which are due to be settled in less than 12 months from maturity equal their carrying values since the impact of the time value of money is immaterial over such a short duration. Non derivatives financial instruments The following table presents the Group's maturity profile for its non-derivatives financial instruments based on their contractual maturity. These financial instruments include interest relating to these assets, except for cases when the Group anticipates that the cash flow will occur on a different period. 1 month 1-3 Months 4-12 Months 1-5 Years More than 5 Years Total NIS NIS NIS NIS NIS NIS 2017 Financial instruments which bear interest 608 728 3,471 13,832 69,266 87,905 Financial instruments which do not bear interest 168,671 - - - - 168,671 169,279 728 3,471 13,832 69,266 256,576 2016 Financial instruments which bear interest 272 1,683 2,583 29,580 24,346 58,464 Financial instruments which do not bear interest 176,651 - - - - 176,651 176,923 1,683 2,583 29,580 24,346 235,115 The Financial instruments in the non-derivatives financial instruments consist of: December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Cash and cash equivalents 113,062 129,577 32,611 Financial assets at fair value through profit or loss 143,514 104,921 41,394 256,576 234,498 74,005 H. Exchange rate risk: The Group undertakes certain transactions denominated in foreign currencies leading to exposures to exchange rate fluctuations. Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts. The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at reporting date are as follows: Assets Liabilities 2 0 1 7 2 0 1 6 2 0 1 7 2 0 1 6 NIS NIS NIS NIS US Dollars 38,034 43,263 1,944 1,387 EUR 1,299 57,805 3,568 6,071 The Group is mainly exposed to US Dollars and EUR. The following table details the Group's sensitivity to a 10% increase and decrease in the NIS against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit and other equity where the NIS strengthens 10% against the relevant currency. For a 10% weakening of the NIS against the relevant currency, there would be an equal and opposite impact on the profit and other equity, and the balances below would be negative. US Dollars Impact EUR Impact 2 0 1 7 2 0 1 7 NIS NIS Profit or loss 3,609 (277 ) US Dollars Impact EUR Impact 2 0 1 6 2 0 1 6 NIS NIS Profit or loss 4,187 5,173 The increase in the Group's sensitivity to a 10% increase and decrease in the NIS against the relevant foreign currencies is mainly attributable to the decrease in balances with foreign customers relating to the disposal of the export operation, and to decrease in forward foreign exchange contracts. I. Fair value of financial instruments: The financial instruments of the Group consist of derivative and non-derivative assets and liabilities. Non-derivative assets include cash and cash equivalents, receivables and other current assets. Non-derivative liabilities include short-term bank credit, trade payables, other current liabilities and long-term loans from banks and others. Derivative assets and liabilities include mainly foreign exchange forward contracts. Due to the nature of these financial instruments, their fair value, generally, is identical or close to the value at which they are presented in the financial statements, unless stated otherwise. The fair value of the long-term loans approximates their carrying value since they bear interest at rates close to the prevailing market rates. Quoted market prices The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices (includes listed redeemable notes, bills of exchange, debentures and perpetual notes). Derivatives Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Fair value of financial instruments carried at amortized cost The management of the Group considers that the carrying amounts of financial assets and financial liabilities recognized at amortized cost in the financial statements approximate their fair values. Fair value measurements recognized in the statement of financial position The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is · Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. · Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e. derived from prices). · Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). December 31, 2017 Level 1 Level 2 Level 3 Total NIS NIS NIS NIS financial assets ‘at fair value through profit or loss’ (FVTPL) Marketable securities and derivatives 143,514 - - 143,514 December 31, 2016 Level 1 Level 2 Level 3 Total NIS NIS NIS NIS financial assets ‘at fair value through profit or loss’ (FVTPL) Marketable securities and derivatives 104,921 - - 104,921 |
OTHER FINANCIAL ASSETS AND LIAB
OTHER FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other financial assets and liabilities [Abstract] | |
OTHER FINANCIAL ASSETS AND LIABILITIES | NOTE 20 - From time to time the Group takes action to hedge against changes in exchange rate. Below are the open positions as of December 31, 2017: Other financial assets and liabilities: Exchange 2 0 1 7 2 0 1 6 2 0 1 7 rate NIS US Dollars Derivatives designated as hedges: Forward contracts in US Dollars 3.845-3.855 - (12 ) - |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | NOTE 21 - SEGMENT INFORMATION A. General: The Group has adopted IFRS 8 Operating Segments with effect from January 1, 2009. IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance. Since 2012, the Group's operating segment under IFRS 8 is only the import segment. The import segment earns its revenues from importing and marketing food products to retail chains and, supermarkets, among others. B. Revenues from the main customers of the Import segment: The following is an analysis of the Group's customers who represent more than 10% of the total sales: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Customer A 50,053 46,171 57,161 14,437 C. Revenues from the principal products of the Import segment: Revenues from major groups of products that contributed 10% or more to the Group's total revenues in 2015-2017 are as follows: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Canned Vegetables and Pickles 38,545 41,991 41,161 11,118 Dairy and Dairy Substitute Products 118,800 108,250 100,321 34,266 Canned Fish 50,684 45,111 35,910 14,619 |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTIES | NOTE 22 - RELATED PARTIES Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below: A. Transactions with Related Parties: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Sales of goods to the Parent Company 93 208 265 27 Participation in expenses with Parent Company 95 296 301 28 Salary management fees, and bonus to related parties 2,281 2,190 17,108 658 Salary and bonus to key management personal 2,734 3,091 1,599 789 Share-based payment - - 152 - Car expenses 498 383 1,016 144 B. Balances with Related Parties: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Due to officers 24 42 7 Parent Company (6 ) 361 (2) |
GUARANTEES AND PLEDGES
GUARANTEES AND PLEDGES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of guarantees and pledges [Abstract] | |
GUARANTEES AND PLEDGES | NOTE 23 - The Company's liabilities to banks with respect to overdrafts, on-call loans, documentary credit and bank guaranteed supplier credit as off December 31, 2017, is in the sum of NIS 7,106 thousands (NIS 6,502 2016 Secured liabilities of the Group: As of December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars (in thousands) Bank 2,979 1,580 859 2,979 1,580 859 |
SIGNIFICANT EVENTS DURING AND A
SIGNIFICANT EVENTS DURING AND AFTER THE REPORTING PERIOD | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SIGNIFICANT EVENTS DURING THE REPORTING PERIOD | NOTE 24 - a. On May 7, 2017, Mr. Joseph Williger informed the parent Company that he is the controlling shareholder of B.S.D Crown Ltd. (the controlling shareholder of the parent company) through private companies he owns, and that he is therefore the controlling shareholder of the parent Company as from May 5, 2017. b. On June 11, 2017, a General Meeting of the parent Company’s shareholders approved the appointment of the following B.S.D nominated directors: Messrs. Joseph Williger, Zwi Williger, Jacob Navon and Benzi Sao, and the termination of the term of office of all then current directors (other than the external directors): Mr. Ilan Admon, Gregory Gurtovoy, Eli Arad, Shalhevet Hasdiel and Arik Safran. On June 12, 2017, the parent Company’s Board of Directors approved the appointment of Mr. Gil Hochboim as a director. c. On June 20, 2017, a General Meeting of Shareholders of the Company approved the appointment of the following directors: Messrs. Yoseph Williger, Zwi Williger, Gil Hochboim and David Donin and the termination of the term of office of all then current directors of the company (other than the external directors): Messrs. Ilan Admon, Gregory Gurtovoy and Ilan Cohen. On June 20, 2017 the Board of Directors of the Company approved the appointment of Mr. Victor Bar as a director. d. On July 5, 2017, Mr. Iram Graiver ended his term of office as the parent Company’s CEO and his term of office in the Company. e. On July 6, 2017, Mr. Tim Cranko was as appointed CEO of the parent Company and of the Company. f. On October 15, 2017, Mr. Amir Kaplan was appointed to as the Chief Financial Officer of the parent Company and of the Company. g. On December 31, 2017, Mr. Tim Cranko ended his term of office as the parent Company’s CEO and his term of office as the CEO of the Company. h. On January 1, 2018, Mr. Michael Luboschitz was appointed as the CEO of the parent Company and of the Company. i. On January 18, 2018, the Tel Aviv District Attorney’s Office (Taxation and Economics) served indictments against Alexander Granovskyi and Gregory Gurtovoy, former (indirect) controlling shareholders and office holders of the parent Company and of companies under its control and against Joseph Schneerson, former officer holder of the parent Company and of companies under its control (hereinafter jointly: “the Defendants”). The Defendants are accused of offenses of theft by manager, fraudulent receipt of goods or services under aggravated circumstances, fraud and breach of trust in a corporation, false registration in corporate documents, reporting offenses under the Securities Law, non-compliance with the provisions of the Securities Regulations with the intent of misleading a reasonable investor and offenses under Section 4 of the Prohibition on Money Laundering Law. As mentioned above, the Defendants were former (indirect) controlling shareholders through their control in B.G.I or senior office holders in, among others, BGI and B.S.D., the parent Company and the company. Under the pretext of depositing the said companies’ funds with different banks abroad, the Defendants agreed with the said banks that the companies’ funds shall be used to secure loans to be extended to foreign private companies related to the Defendants. Under the indictment, approximately $60 million of the said companies’ funds (mostly BGI and B.S.D) were extracted in this manner. A total of $3 million out of the said amount was transferred in January 2016 from a company controlled by the company to an investment that was recorded in the Company’s accounts as an investment in bonds of a hotel in the Czech Republic, while the investment was actually used to secure the repayment of a loan extended to a company, which is related to Granovskyi and Gurtovoy. The said bonds were purchased by B.H.W.F.I Ltd., a wholly owned subsidiary of the company (hereinafter - "BHWFI"), pursuant to subscription forms to purchase 300 bonds (225 actually purchased) of the issuer with a nominal value of US$ 10,000 each (hereinafter - the "Subscription Forms"). According to the terms of the purchase, the bonds bear annual interest of 6%, payable semi-annually on June 30 and December 31 of each year as of the issue date until the final maturity date of December 31 2018. The issuer has the right to repay the bonds prior to their repayment date by giving 30 days’ notice and without penalty. On December 30, 2016, BHWFI and the issuer signed an agreement (hereinafter - the "Agreement") for an early redemption of the bonds for a total of $ 1.8 million to be paid by February 15, 2017. As part of the Agreement, the issuer waived all its claims against BHWFI, including an alleged obligation to make an additional investment in bonds up to an aggregate amount of $ 5 million. On March 21, 2017, a first payment of $ 200 thousand was received. In view of the uncertainty relating to the collection of the remaining balance of the debt, the Company recorded a loss of $1.6 million in the financial statements for the year 2016. On July 6, 2017, a second payment in the amount of $ 400 thousand was received (hereinafter - the “Second Payment”), and therefore, the Company recorded in its financial statements a finance income at an amount equal to the amount of the Second Payment. On March 26, 2018, a third payment in the amount of USD 1,145 thousand was received. The Company recorded in its financial statements a finance income at an amount equal to the amount of the third payment. j. On February 24, 2016, a motion to certify a derivative action (hereinafter - the “Motion”) was received at the parent Company’s offices. The Motion was filed with the District Court (Economic Department) in Tel Aviv by Yaad Peer Management Services Ltd. (hereinafter - the “Applicant”), that holds shares of the parent Company. The motion was filed against all directors and office holders in the Company. The parent Company and the company were added as respondents to the Motion. The Motion deals with the Applicant’s claim for damages suffered by the parent Company, which is estimated by the Applicant, as of the filing of the Motion, at approximately $ 3 million, due to an alleged violation of the directors’ and officers’ fiduciary duty, duty of care and duty of expertise towards the parent Company in connection with a $3 million investment in a company registered in the Czech Republic and which holds an inactive hotel in the Czech Republic. According to the Applicant, the investment is not related in any way to the activity of the Company and is probably used to assist the controlling shareholder of the parent Company in other matters or to cover his other obligations. As a result of the investigation being conducted by the Securities Authority (the "Authority"), inter alia, regarding matters that have arisen as part of this litigation, restrictions were imposed as part of this investigation that prevent the former parent Company office holders, who are respondents to the Motion, from conversing with the attorneys of the parent Company. As part of the Motion – the date for submission of the parent Company’s response to the Motion has been postponed. On September 27, 2016, the Authority filed a notice updating the Court, in which it requested that the restrictions that it imposed remain in effect for further 6 months. On October 5, 2016, the parent Company filed a response to the Authority's update notice, in which it requested an extension of the deadline for submission of the parent Company's response to the Motion to 60 days after the restrictions imposed by the Authority are removed. On January 22, 2017, the Court ruled that in light of the restrictions placed by the Authority, at this stage, the deadline for filing of the parent Company's response must be postponed. On May 10, 2017 after the court re-considered the Applicant's claim, the Court decided that the deadline for filing of the parent Company’s response will be at least 60 days from the date on which the restrictions imposed by the Authority are removed. On July 2 2017, the Authority informed the Court that the restrictions have not yet been removed. On July 3, 2017, the Court ruled that the Authority will file a further update to its notice until September 15, 2017. On September 14, 2017, the Authority filed an update notice to the Court, to the effect that the restrictions had not yet been removed. On September 14, 2017, the Court ruled that the Authority would file an additional update to the Court until December 7, 2017. At the beginning of January 2018, the Authority filed a notice stating that the respondents to the Motion may reply to the Motion, provided that no meetings will be held with the attorneys that are attended by more than one person who is subject to restrictions as part of the criminal proceedings. On January 11 2018, the Court instructed the respondents to reply to the Motion within 60 days, i.e., no later than March 20, 2018. On January 15, 2018, the Authority served indictments against Alexander Granovskyi, Gregory Gurtovoy and Joseph Schneerson. On February 18, 2018, some of the respondents filed an application for stay of proceedings relating to the Motion, until the finalization of the criminal proceedings, and alternatively until all restrictions, which were placed on the respondents by the Authority are removed. On February 26, 2018, the said respondents filed an application for deferral of the date of filing the reply to the Motion to 60 days after the issuance of a ruling in the application for stay of proceedings or after removal of all restrictions placed by the Authority as described above. In its ruling from February 26, 2018, the court granted the extension as above. On March 4, 2018, the Company filed a notice stating that it does not oppose to the motion and that the Court should rule according to its discretion. On April 12, 2018, the Authority filed a notice stating that it has decided not to express its opinion regarding the Motion. k. A lawsuit and a motion to approve it as class action was filed on July 5, 2017, against the Company with the Central District Court for allegedly not complying with the food labelling regulations in connection with one of its products and thereby misleading consumers. At this stage, the amount specified in the lawsuit is NIS 4 million, since according to the plaintiff he does not have any data regarding the scope of marketing of the product, which is the subject matter of the motion. The Company and the plaintiff reached a compromise agreement whereby the plaintiff will withdraw the lawsuit and it will be stricken out at a cost which is immaterial to the Company. On November 23, 2017, the Court approved the compromise agreement and struck out the lawsuit. l. A lawsuit and a motion to approve it as class action was filed on July 23, 2017, against the Company and against two other companies to the Central District Court for allegedly not complying with the food labelling regulations in connection with one of its products and thereby misleading consumers. At this stage, the amount specified in the lawsuit is NIS 3 million (and no specific amount was attributed to any of the defendants), since according to the plaintiff he does not have any data regarding the scope of marketing of the product, which is the subject matter of the motion. The Company and the plaintiff reached a compromise agreement whereby the plaintiff will withdraw the lawsuit and it will be stricken out without consideration. On November 24, 2017, the Court approved the compromise agreement and struck out the lawsuit. m. On July 23, 2017, Mr. Iram Graiver, former CEO of the Company and Willi-Food (hereinafter - “Mr. Graiver”) filed a lawsuit to the Regional Labor Court in Tel Aviv Jaffa (hereinafter - “the Labor Court”) claiming payment of social rights and different compensations at the total amount of NIS 2,377 thousands (USD 686 thousand). On November 26, 2017, the Company filed a statement of defense. On July 27, 2017, the company filed a lawsuit to the Labor Court against Mr. Graiver, demanding that he repays funds that he has taken unlawfully from the Company, amounting to NIS 1,694 thousands. According to the Company, throughout his term of employment as an office holder in the Company, the defendant has unlawfully taken from the company salary, bonus in respect of 2016 and reimbursement of expenses. According to the Company, Mr. Graiver has done so while breaching his fiduciary duty and his duty of care towards the Company as well as the cogent provisions of the Companies Law, 5759-1999, whereby it is mandatory that payments of the type taken from the Company by Mr. Graiver are approved by the General Meeting of the Company’s shareholders; according to the Company, Mr. Graiver has not obtained such an approval. On November 26, 2017, Mr. Graiver filed a statement of defense. On November 2, 2017, a resolution was issued to join the hearings pertaining to the two proceedings described above. A preliminary hearing was held on March 7, 2018. Mr. Graiver and the Company are expected to provide their documents disclosure affidavits on May 8, 2018. At this preliminary stage of the proceedings, it is not yet possible to assess the result of the proceedings. In view of the above, Company’s management is of the opinion that the recording and disclosure provided in the financial statements and in the notes to the financial statements in respect of the proceedings is sufficient. n. A lawsuit and a motion to approve it as class action was filed on January 3, 2018, against the Company and against another company to the Central District Court for allegedly not complying with the food labelling regulations in connection with one of its products and thereby misleading consumers. At this stage, the amount specified in the lawsuit is NIS 2.7 million since according to the plaintiff he does not have any data regarding the extent of the damage. The Company is required to file a response to the lawsuit until May 15, 2018. At this preliminary stage of the proceedings, it is not yet possible to assess the Company’s chances of prevailing in the claim. o. In January 2015, a lawsuit was filed in the court of first instance in Valencia against Gold Frost Ltd. (hereinafter – “Gold Frost”) and against the Company (hereinafter – “the Companies”) by a Spanish food manufacturer (hereinafter – “the Plaintiff”), with whom the Companies entered into an agreement for the production of kosher food products in Spain and for the sale of these products by Gold Frost. The lawsuit was filed in connection with a financial dispute in respect of a debt which was allegedly not paid to the Plaintiff; the Plaintiff also demands that the Companies compensate it for products it had produced and which, according to the statement of claim, were not collected by the Companies, and as a result the Plaintiff had to destroy them. On July 7, 2015, the Companies were served by post with judicial documents in the Spanish language. These judicial documents pertained to service of a legal procedure in the court of first instance in Valencia. A further service of process was carried out in December 2015. In this case as well the judicial documents were in the Spanish language. On March 3, 2016, the court of first instance in Valencia, Spain, allowed the lawsuit against the Companies in an ex parte proceeding and ruled payment by the Companies of app. € 530 thousand (hereinafter – “Spanish Ruling”). In April 2016, the Companies received the Spanish Ruling in the Spanish language and also a translation of the Spanish Ruling into English. In December 2017, an enforcement order in the Spanish language was received at the Company’s offices. In the order, which was issued on November 22, 2017, the Companies are asked to provide details of assets and/or bank accounts for the purpose of enforcing the ruling in Spain. The Company and its legal advisors are of the opinion that the Companies have grounds to demand the cancellation of the Spanish Ruling because the judicial documents were served in the Spanish language, and because the Plaintiff did not pursue the procedure set in the agreement between the parties, whereby disputes will be resolved in accordance with international law by an arbitrator that will be agreed upon by both parties. As of the date of these financial statements, the Companies hired the services of a Spanish attorney in order to file a demand for the cancellation of the Spanish Ruling based on the aforesaid claims. If the claim of unlawful service of process and the claim regarding the Plaintiff’s ignoring the arbitration procedure are rejected by the court in Spain, and if the Plaintiff subsequently files an application to enforce the ruling in Israel, the Company may object to enforcement of the Spanish Ruling in Israel based on those claims. The Company also believes that it has good defenses against the claims made in the lawsuit, should the Plaintiff filed a lawsuit in Israel, or if the parties ask an agreed-upon arbitrator to resolve the dispute as set out in the agreement that was signed between the parties in 2011. In view of the above, Company’s management is of the opinion that recording and p. On October 21, 2017, the Company announced that Gold Frost Ltd., a wholly owned subsidiary of the Company (hereinafter – “Gold Frost”) received a notice from Arla Foods Amba (hereinafter - "Arla"), a material supplier of the Group in the field of dairy and dairy substitute products (hereinafter – “the Supplier”), whereby the Supplier decided not to renew the exclusive distribution agreement with Gold Frost, which is expected to expire on December 31, 2017. The end of the engagement with this distributor may have a material negative impact on the Group’s operating results. However, the Company believes that it will be able to enter into agreements in the near future with alternative suppliers in respect of some of the products currently purchased from the Supplier. Representatives of Gold Frost and the Supplier have met and reached agreements to the effect that the Supplier will continue supplying to Gold Frost products that will be sold by Gold Frost in the first half of 2018. q. On June 29, 2015, Mega Retail Ltd. (hereinafter – “Mega”), which is one of the company largest customers in the organized retail market, filed an application for creditors’ arrangement with the District Court in Lod. On July 14, 2015, the District Court in Lod approved a recovery arrangement. The recovery arrangement regulated, among other things, the manner of repayment of Mega’s debt to the Company in respect of the period through June 30, 2015. Mega’s debt to the company as of that date amounted to NIS 4.9 million and it was not secured by any collateral. On January 17, 2016, after Mega had met the terms of the said recovery arrangement, it asked the court to issue a freezing of proceedings order, and on January 18, 2016, the court issued such an order. As of the date of the order, Mega’s debt to the Company amounted to approximately NIS 3.9 million. On May 10, 2016, the trustees asked the court the approve an agreement for the sale of Mega Retail to Bitan Wines Ltd. in consideration for a total estimated amount in the range of NIS 400 million to NIS 450 million. A creditors’ meeting was held on May 26, 2016, which discussed the proposed agreement for the sale of Mega to Bitan Wines Ltd. as submitted by Mega’s trustees. According to the provisions of the new agreement, the debts to the ordinary debtors shall be paid in semi-annual payments (provided that the trustees maintain, at each disbursement, at least NIS 60 million) and these payments will be made only after full payment of Mega’s debts to senior debtors. The Company is one of Mega’s ordinary creditors. On June 15, 2016, the court approved the creditors arrangement. Pursuant to the provisions of the agreement, the Mega chain is owned by Bitan Wines Ltd. as from July 1, 2016 and operates under this chain as from that date. On February 13, 2017 the Company received a first payment of approximately NIS 433 thousand from the trustees. On August 8, 2017, the Company received a second payment of approximately NIS 110 thousand from the trustees. On December 6, 2017, the Company received a third payment of approximately NIS 183 thousand from the trustees. As of balance sheet date, the company recorded a provision for doubtful accounts at the total amount of approximately NIS 1.8 million in respect of Mega’s debt and the remaining balance in the books of accounts (net after provision for doubtful accounts) is NIS 1.2 million. r. On November 22, 2016, the Company declared the distribution of dividend at the total amount of $5,000 thousand (approximately NIS 18,790 thousand) ($0.38 per share), of which $3,097 thousand (approximately NIS 11,637 thousand) is attributed to Company’s shareholders and approximately $1,903 thousand (approximately NIS 7,153 thousand) is attributed to non-controlling interest. The effective date for dividend entitlement was set at December 8, 2016. The dividend was paid in full on December 21, 2016. |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of summary of significant accounting policies [Abstract] | |
Applying international accounting standards (IFRS) | A. Applying international accounting standards (IFRS): Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies detailed in the continuation were applied on a consistent basis for all reporting periods presented in the financial statements, except for changes in accounting policies that were due to the application of standards, amendments to standards and interpretations that took effect on the date of the financial statements, and the application of standards, amendments to standards and interpretations that are not in effect and were adopted in early adoption by the Group, as detailed in Note 2U below. |
Format for Presentation of Statement of Financial Position | B. Format for presentation of Statement of Financial Position: The Group presents assets and liabilities in the Statement of Financial Position divided into current and non-current items. |
Format for analysis recognized in Income Statement | C. Format for analysis recognized in Income Statement: (1) Format for analysis of expenses recognized in Income statement: The Group's expenses in the Income statement are presented based on the nature of the activity of the expenses in the entity. (2) The Group's operating cycle is 12 months. |
Basis of preparation | D. Basis of preparation: The financial statements were prepared on the basis of the historical cost, except for: assets and liabilities measured by fair value: financial assets measured by fair value recorded directly as profit or loss. Inventories are stated at the lower of cost and net realizable value. Property, plant and equipment and intangibles assets are presented at the lower of the cost less accumulated amortizations and the recoverable amount. Liabilities to employees as described in Note 10. |
Foreign currencies | E. Foreign currencies: (1) Translation of foreign currency transactions In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (New Israeli Shekel (NIS)) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the balance sheet date. (Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined). Non-monetary items that are measured in terms of historical cost In a foreign currency are not retranslated. (2) Recognition of exchange differences Exchange differences are recognized in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive Income and reclassified from equity to profit or loss on disposal of the net investment. Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional, currency’). The consolidated financial statements are presented in ‘NIS’, which is the company’s functional and the group’s reporting currency. (3) Convenience translation The balance sheet as of December 31, 2017 and statement of Income, statement of other comprehensive Income and statement of cash flows for the year then ended have been translated into US Dollar using the representative exchange rate as of that date (US Dollar 1.0 = NIS 3.467). Such translation was made solely for the convenience of the U.S. readers. The dollar amounts so presented in these financial statements and in their accompanying notes should not be construed as representing amounts receivable or payable in US Dollars or convertible into US Dollars but only a convenience translation of reported NIS amounts into US Dollars, unless otherwise indicated. The convenience translation supplementary financial data is unaudited and is not presented in accordance with IFRSs. |
Cash and cash equivalents | F. Cash and cash equivalents: Cash and cash equivalents include demand deposits and term deposits in banks that are not restricted as to usage, with an original period to maturity of not more than three months. Deposits that are restricted as to usage are classified as pledged deposits. Deposits with an original period to maturity exceeding three months, which as of the statement of financial position do not exceed one year, are classified as short-term investments. |
Basis of consolidation | G. Basis of consolidation: (1) General The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive Income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group. All intra-group transactions, balances, Income and expenses are eliminated in full on consolidation. (2) Non-controlling Interest Non-controlling interests in the net assets (excluding goodwill) of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling's share of changes in equity since the date of the combination. Losses attributable to non-controlling interests in excess of their share in the subsidiary's equity are charged commencing January 1, 2010 to non-controlling interests in any case, while ignoring its obligations and ability to make additional investments in the subsidiary. Commencing January 1, 2010, transactions with non-controlling interest shareholders, in the context of which the Company retains control before and after the transaction, are treated as capital transactions. (3) Changes in the Group's ownership interests in existing subsidiaries Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IAS 39 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity. |
Goodwill | H. Goodwill: Goodwill arising on the acquisition of a subsidiary represents the excess of the cost of acquisition over the Group's interest in the net fair value of the identifiable assets, liabilities and Contingent liabilities of the subsidiary or jointly controlled entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. |
Property, plant and equipment | I. Property, plant and equipment: Property, plant and equipment are tangible items, which are held for use in the manufacture or supply of goods or services, or leased to others, which are predicted to be used for more than one period. The Company presents its property, plant and equipment items according to the cost model. Under the cost method - a property, plant and equipment are presented at the balance sheet at cost (net of any investment grants), less any accumulated depreciation and any accumulated impairment losses. The cost includes the cost of the assets acquisition as well as costs that can be directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is calculated using the straight-line method at rates considered adequate to depreciate the assets over their estimated useful lives. Amortization of leasehold improvements is computed over the shorter of the term of the lease, including any extension period, where the Company intends to exercise such option, or their useful life. The annual depreciation and amortization rates are: Years % Land 50 2 Construction 25 4 Motor vehicles 5 15-20 (Mainly 20%) Office furniture and equipment 6 6-15 (Mainly 15%) Computers 3 20-33 (Mainly 33%) Machinery and equipment 10 10 The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Income statement. |
Inventories | J. Inventories: Inventories are assets held for sale in the ordinary course of business, in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services. Inventories are stated at the lower of cost and net realizable value. Cost of inventories includes all the cost of purchase, direct labor, fixed and variable production over heads and other cost that are incurred, in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost determined as finished products, on the basis of standard cost which approximates actual production cost (materials, labor and indirect manufacturing costs). |
Financial assets | K. Financial assets: (1) General All financial assets are recognized and derecognized on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Financial assets are classified into the following specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition: · Financial assets ‘at fair value through profit or loss’ (FVTPL) · Loans and receivables (2) Financial assets at FVTPL Financial assets are classified as at FVTPL where the financial asset is either held for trading or it is designated as at FVTPL. A financial asset is classified as held for trading if: · It has been acquired principally for the purpose of selling in the near future; orit is a part of an identified portfolio of financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or · It is a derivative that is not designated and effective as a hedging instrument. Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset. (3) Loans and receivables Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortized cost using the effective interest method, less any impairment. Interest Income is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. (4) Impairment of financial assets Financial assets carried at amortized cost: Objective evidence of impairment exists when one or more events that have occurred after the initial recognition of the asset have a negative impact on the estimated future cash flows. Evidence of impairment may include indications that the debtor is experiencing financial difficulties, including liquidity difficulty and default in interest or principal payments. The amount of the loss recorded in profit or loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not yet been incurred) discounted at the financial asset's original effective interest rate (the effective interest rate computed at initial recognition). If the financial asset has a variable interest rate, the discount rate is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account (see allowance for doubtful accounts above). In a subsequent period, the amount of the impairment loss is reversed if the recovery of the asset can be related objectively to an event occurring after the impairment was recognized. The amount of the reversal, up to the amount of any previous impairment, is recorded in profit or loss. |
Financial liabilities and equity instruments issued by the Group | L. Financial liabilities and equity instruments issued by the Group: Classification as debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities. |
Revenue recognition | M. Revenue recognition: Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. (1) Sale of goods Revenue from the sale of goods is recognized when all the following conditions are satisfied: · The Group has transferred to the buyer the significant risks and rewards of ownership of the goods; · The Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold · The amount of revenue can be measured reliably; · It is probable that the economic benefits associated with the transaction will flow to the entity; and · The costs incurred or to be incurred in respect of the transaction can be measured reliably. (2) Customer returns and rebates The customer returns, rebates and other credits are being deducted from revenues. and rebates, its enable for certain customers from time to time to return products. (3) Interest revenue Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. (4) Dividend revenue Dividend revenue from investments is recognized when the shareholder’s right to receive payment has been established. |
Leasing | N. Leasing: (1) General Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. (2) The Group as lessee Operating lease payments are recognized as an expense on a straight-line basis over the lease term. In instance of operating lease agreements where lease payments are not paid at the beginning of the lease period, or where the lease payments are reduced, and the Group is getting additional benefits from the lesser, operating lease payments are recognized as an expense on a straight-line basis over the lease term. A lease agreement with the ILA with respect to a parcel of land is classified as finance leases. The prepaid lease payments are recognized on the balance sheet as "Property, plant and equipment", and are amortized on a straight-line basis |
Provisions | O. Provisions: Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Share-based payments | P . Share-based payments: Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date using the Black&Sholts model. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss over the remaining vesting period, with a corresponding adjustment to the equity-settled employee benefits reserve. Equity-settled share-based payment transactions with other parties are measured at the fair value of the goods or services received, except where the fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The accounting for share-based compensation is as follows: The Parent Company initiated and approved the grant, and hence the Company has no obligation to settle the grant in accordance with IFRS 2.43B. This implies that the Company records an expense as if it were granting its own shares. The options fair value determined at the date of grant is recognized over the vesting period of each trench. |
Taxation | Q. Taxation: Income tax expense represents the sum of the tax currently payable and deferred tax. (1) Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Income statement because it excludes items of Income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. (2) Deferred tax Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and are accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax Consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to Income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. |
Employee benefits | R. Employee benefits: (1) Post-Employment Benefits The Group's post-employment benefits include: benefits to retirees and liabilities for severance benefits. The Group's post-employment benefits are classified as Defined Benefit Plans. Expenses in respect of a Defined Benefit Plan are carried to the Income statement in accordance with the Projected Unit Credit Method, while using actuarial estimates that are performed at each balance sheet date. The current value of the Group's obligation in respect of the defined benefit plan is determined by discounting the future projected cash flows from the plan by the market yields on high quality corporate bonds (see Accounting Staff Position number 21-1 of the Israeli Securities Authority: Maintaining a Deep Market in High Quality Corporate Bonds in Israel Including Accounting Treatment of the Transfer from a Capitalization Rate Appropriate for Government Bonds Market Yields to a Capitalization Rate Appropriate for Market Yields of High Quality Corporate Bonds as of December 31, 2014), denominated in the currency in which the benefits in respect of the plan will be paid, and whose redemption periods are approximately identical to the projected settlement dates of the plan. Actuarial profits and losses are recognized in earning when incurred. The Group's liability in respect of the Defined Benefit Plan which is presented in the Group's balance sheet includes the current value of the obligation in respect of the defined benefit, net of the fair value of the Defined Benefit Plan assets. The amendments to IAS 19 clarify how an entity should account for contributions made by employees or third parties to defined benefit plans, based on whether those contributions are dependent on the number of years of service provided by the employee. For contributions that are independent of the number of years of service, the entity may either recognize the contributions as a reduction in the service cost in the period in which the related service is rendered, or to attribute them to the employees’ periods of service using the projected unit credit method; whereas for contributions that are dependent on the number of years of service, the entity is required to attribute them to the employees’ periods of service. The directors of the Company do not anticipate that the application of these amendments to IAS 19 will have a significant impact on the Group's consolidated financial statements. (2) Short term employee benefits Short term employee benefits are benefits which it is anticipated will be utilized or which are to be paid during a period that does not exceed 12 months from the end of the period in which the service that creates entitlement to the benefit was provided. Short term company benefits include the company’s liability for short term absences, payment of grants, bonuses and compensation. These benefits are recorded to the statement of operations when created. The benefits are measured on a non-capitalized basis. The difference between the amount of the short term benefits to which the employee is entitled and the amount paid is therefore recognized as an asset or liability. |
Earnings (loss) per share | S. Earnings (loss) per share: Basic earnings (loss) per share is computed with regard to Income or loss attributable to the Company's ordinary shareholders, and is calculated for Income (loss) from continuing operations attributable to the ordinary shareholders of the reported entity, should such be presented. Basic earnings per share is to be computed by dividing Income(loss) attributed to Owners of the Company (numerator), by the weighted average of the outstanding ordinary shares (denominator) during the period. In the computation of diluted earnings per share, the Company adjusted its Income (loss) attributable to its ordinary shareholders by multiplying their diluted EPS and the weighted average of the outstanding shares for the effects of all the dilutive potential ordinary shares of the Company. |
Exchange Rates and Linkage Basis | T. Exchange Rates and Linkage Basis (1) Balances in foreign currency or linked thereto are included in the financial statements based on the representative exchange rates, as published by the Bank of Israel, that were prevailing at the balance sheet date. (2) Following are the changes in the representative exchange rate of the US dollars vis-a-vis the NIS and in the Israeli CPI: Representative exchange rate Representative exchange rate CPI “in of the Euro of the dollar respect of” (NIS per €1) (NIS per $1) (in points) As of: December 31, 2017 4.15 3.46 113.04 December 31, 2016 4.04 3.84 112.59 December 31, 2015 4.25 3.90 112.82 Increase (decrease) during the: % % % Year ended: December 31, 2017 2.7 (9.9 ) 0.4 December 31, 2016 (4.9 ) (1.5 ) (0.2 ) December 31, 2015 (9.9 ) 0.51 (1.0 ) |
Adoption of new and revised Standards and interpretations | U. Adoption of new and revised Standards and interpretations: New and revised Standards and Interpretations in issue but not yet effective, were not early adopted by the Group and are expected to affect or could affect future periods: 1. IFRS 9 – “Financial Instruments” (a) General IFRS 9 (2014) "Financial Instruments" (hereinafter - the "Standard ") is the final standard of the financial instruments project. The Standard supersedes the previous stages of IFRS 9 which were published in 2009, 2010 and 2013. This final Standard includes the provisions for classification and measurement of financial assets, as published at the first stage in 2009 and amended in this version, and also includes the provisions for classification and measurement of financial liabilities, as published at the second stage in 2010, offers a revised and principal-based model regarding hedge accounting and presents a new model for assessment of projected loss from impairment as described below. Furthermore, the Standard revokes IFRIC 9 "Reassessment of Embedded Derivatives". (b) Financial assets The Standard determines that the financial assets be recognized and measured as follows: · Debt instruments will be classified and measured after initial recognition under one of the following alternatives: at amortized cost, fair value through profit or loss or fair value through other comprehensive income. The measurement model will be determined based on the entity’s business model regarding the management of financial assets, and according to the contractual cash flow characteristics of the financial assets. · A debt instrument which, according to the tests, is measured at amortized cost or at fair value through other comprehensive income, may be designated at fair value through profit or loss only if such designation eliminates measurement or recognition inconsistency that would been created had the asset been measured at amortized cost or at fair value through other comprehensive income. · Equity instruments are required to be measured at fair value through profit or loss. · Upon initial recognition, equity instruments may be designated at fair value through other comprehensive income. Instruments so designated will no longer be subject to impairment tests, and profit or loss thereon will not be carried to profit and loss, including upon disposal. · Embedded derivatives will not be bifurcated from a host contract which is within the scope of the Standard. Rather, hybrid contracts will be measured in their entirety at amortized cost or at fair value, according to the business model and contractual cash flow tests. · Debt instruments will only be reclassified when the entity changes its business model for financial assets management. · Investments in equity instruments that do not have quoted prices in active markets, including derivatives of such instruments, will be measured at fair value. The option to measure equity instruments at cost under certain circumstances was eliminated. However, the Standard notes that under certain circumstances, cost may constitute a fair approximation of fair value. (c) Financial liabilities The Standard also sets the following provisions regarding financial liabilities: The change in the fair value of a financial liability designated upon initial recognition to fair value through profit or loss and which arises from changes in the credit risk of the liability, shall be carried directly to other comprehensive income, unless doing so creates or increases an accounting mismatch. Once the financial liability is repaid or settled, amounts carried to other comprehensive income will not be classified to income or loss. All derivatives, regardless of whether they represent assets or liabilities, shall be measured at fair value through profit or loss, including a derivative financial instrument that constitutes a liability relating to an unquoted equity instrument, whose fair value cannot be measured reliably. (d) Impairment The new impairment model, which is based on expected credit losses, will be applied to debt instruments which are measured at amortized cost or at fair value through other comprehensive income, receivables in respect of lease, contract assets recognized according to IFRS 15 and written obligations to provide loans and financial guaranty contracts. The provision for impairment will be in respect of projected losses according to the probability of insolvency within the next 12 months (in the coming year), or according to the probability of insolvency over the lifetime of the instrument. Examination throughout the instrument’s lifetime is required if the credit risk has increased since the date of initial recognition of the asset. Another approach applies if the financial asset was created or purchased credit-impaired. (e) Effective date and early adoption The Standard is effective for annual reporting periods beginning on or after January 1, 2018. The Company completed the assessment of the impact of the Standard on its financial statements and the standard is not expected to have a material effect on the financial statements. 2. IFRS 15, "Revenue from Contracts with Customers": The new Standard sets a new and uniform mechanism that regulates the accounting treatment to be applied to revenue from contracts with customers. The standard revokes IAS 18 “Revenues” and IAS 11 “Construction Contracts” and their relating interpretations. The core principle of IFRS 15 is that revenue from contracts with customers should be recognized using the method that best reflects the transfer of control of goods and services to the customer, in an amount of consideration that the entity expects to be entitled to in exchange for transferring promised goods or services to a customer. The standard determines a five-step model for application of this principle: 1. Identify the contract(s) with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to each performance obligation. 5. Recognize revenue when a performance obligation is satisfied. The application of the model is dependent on the facts and circumstances specific to the contract and sometimes requires the exercise of extensive discretion. Furthermore, the standard sets extensive disclosure requirements with regard to contracts with customers, the significant estimates and the changes thereto which were used at the time of application of the provisions of the standard, in order to enable users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from the contracts with the customers. Application of the standard is mandatory for annual reporting periods starting on January 1, 2018 or thereafter. Early adoption is permitted. As a rule, the standard will be applied retroactively, although entities will be entitled to elect certain adjustments in the framework of the standard’s transitional provisions regarding its application to previous reporting periods. The Company estimates that it will opt to apply the standard retrospectively to contracts that have not yet been completed as of January 1, 2018 and the cumulative effect of the initial application of the standard will be recognized as an adjustment of the retained earnings balance as of that date. The comparative figures relating to the years ended December 31, 2017 and 2016 will be presented in accordance with the provisions of IAS 18, which was in effect prior to the application of IFRS 15. The Company has completed its assessment of the implications of the standard’s application on its financial statements and is of the opinion that the standard will not have a material effect on the financial statements. (3) IFRS 16 - "Leases": The new standard, which was published in January 2016, revokes IAS 17 “Leases” and its interpretations and sets out the principles for the recognition, measurement, presentation and disclosure of leases with regard to both parties to the transaction, i.e., the customer (“Lessee”) and the supplier (“Lessor”). The new standard cancels the currently existing distinction relating to a Lessee, between finance leases operating leases and determines a uniform accounting model with regards to all types of leases. In accordance with the new model, for any leased asset, the Lessee is required to recognize, on the one hand, an asset for the right of use and on the other hand, a financial liability for the lease fees. The provisions relating to the recognition of an asset and liability, as aforesaid, shall not apply to assets which are leased for a term of up to 12 months, and with regards to leases of low value assets (such as personal computers). The standard does not change the currently existing accounting treatment in the Lessor’s books of accounts. IFRS 16 will be effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted, but only if IFRS 15 “Revenue from Contracts with Customers” has also been applied. As a general rule, the standard will be applied retrospectively. However, entities may opt to apply certain adjustments specified in the transitional provisions of the standard with regard to its application to previous reporting periods. The Company has tens of private vehicles, which are leased from the leasing company according to a leasing method that is accounted for as operating lease as of the date of this report. The Company is of the opinion that upon initial adoption of the standard, the accounting treatment applied to those leases will be changed and the Company will record an asset in respect of the right of use of those vehicles against a financial liability in respect of the lease fees relating to those vehicles. The company is in the process of evaluating the impact of the new standard on its statement of income. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of summary of significant accounting policies [Abstract] | |
Schedule of Annual Depreciation and Amortization Rates | The annual depreciation and amortization rates are: Years % Land 50 2 Construction 25 4 Motor vehicles 5 15-20 (Mainly 20%) Office furniture and equipment 6 6-15 (Mainly 15%) Computers 3 20-33 (Mainly 33%) Machinery and equipment 10 10 |
Schedule of Exchange Rates and Linkage Basis | Following are the changes in the representative exchange rate of the US dollars vis-a-vis the NIS and in the Israeli CPI: Representative exchange rate Representative exchange rate CPI “in of the Euro of the dollar respect of” (NIS per €1) (NIS per $1) (in points) As of: December 31, 2017 4.15 3.46 113.04 December 31, 2016 4.04 3.84 112.59 December 31, 2015 4.25 3.90 112.82 Increase (decrease) during the: % % % Year ended: December 31, 2017 2.7 (9.9 ) 0.4 December 31, 2016 (4.9 ) (1.5 ) (0.2 ) December 31, 2015 (9.9 ) 0.51 (1.0 ) |
CURRENT ASSETS (Tables)
CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of current assets [Abstract] | |
Schedule of Cash and Cash Equivalents - Composition | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Cash in bank 12,962 90,426 3,739 Short-term bank deposits 100,100 39,151 28,872 113,062 129,577 32,611 |
Schedule of Financial Assets at Fair Value Through Profit or Loss | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Financial assets carried at fair value through profit or loss (FVTPL): Shares 44,494 35,091 12,834 Governmental loan and other bonds 87,905 58,249 25,355 Certificate of participation in mutual fund 11,115 11,581 3,205 143,514 104,921 41,394 |
Schedule of Trade Receivables Composition | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Trade receivables(*) 88,324 82,382 25,476 Less - allowance for doubtful debts 2,381 2,155 687 85,943 80,227 24,789 (*) Less provision for returns in the sum of NIS 1,841 (as of December 31, 2016 - NIS 1,500). |
Schedule of Changes in Allowance for Doubtful Debts | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Balance at beginning of the year 2,155 3,448 622 Change in allowance doubtful debts(*) 226 (1,293 ) 65 Balance at end of the year 2,381 2,155 687 (*) See Note 24q. |
Schedule of Other Receivables and Prepaid Expenses | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Prepaid expenses 688 595 198 Income receivables - 1,039 - Advances to suppliers 339 1,984 98 Government authorities 953 326 275 Receivables in respect of investment in a non-current financial asset 3,970 770 1,145 Others 46 81 13 5,996 4,795 1,729 |
Schedule of Inventories | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Finished products 32,690 36,818 9,429 Merchandise in transit 7,209 5,059 2,079 39,899 41,877 11,508 |
INVESTMENTS IN SUBSIDIARIES (Ta
INVESTMENTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of subsidiaries [abstract] | |
Schedule of Financial Statement of Subsidiaries | The consolidated financial statements include the financial statements of the following Subsidiaries: Subsidiary Location Jurisdiction of Organization Company's Ownership Interest December 31, 2 0 1 7 2 0 1 6 Gold Frost Ltd. ("Goldfrost") Israel Israel 100.00 % 100.00 % W.F.D. Ltd. Israel Israel 100.00 % 100.00 % B.H.W.F.I Ltd. ("BHWFI") Israel Israel 100.00 % 100.00 % |
PROPERTY PLANT AND EQUIPMENT (T
PROPERTY PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property Plant and Equipment | Machinery Computers Land and and Motor and Office Building equipment Vehicles equipment Furniture Total Consolidated Cost: Balance -January 1, 2016 54,411 4,279 11,660 4,382 1,309 76,041 Changes during 2016: Additions 66 240 1,353 202 54 1,915 Dispositions - (131 ) (621 ) - - (752 ) Balance - December 31, 2016 54,477 4,388 12,392 4,584 1,363 77,204 Changes during 2017: Additions 10 705 1,419 196 320 2,650 Dispositions - - (1,256 ) - - (1,256 ) Balance - December 31, 2017 54,487 5,093 12,555 4,780 1,683 78,598 Accumulated depreciation: Balance - January 1, 2016 15,378 1,979 10,329 3,382 807 31,875 Changes during 2016: Additions 1,660 922 874 267 37 3,760 Dispositions - (51 ) (621 ) - - (672 ) Balance - December 31, 2016 17,038 2,850 10,582 3,649 844 34,963 Changes during 2017: Additions 1,663 894 821 260 44 3,682 Dispositions - - (1,256 ) - - (1,256 ) Balance - December 31, 2017 18,701 3,744 10,147 3,909 888 37,389 Net book value: December 31, 2017 35,786 1,349 2,408 871 795 41,209 December 31, 2016 37,439 1,538 1,810 935 519 42,241 Net book value (Dollars in thousands): December 31, 2017 10,322 389 695 251 229 11,886 December 31, 2016 9,737 400 471 243 135 10,986 |
DETAILS OF CURRENT LIABILITIES
DETAILS OF CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of details of current liabilities [Abstract] | |
Schedule of Trade Payables | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Open accounts 12,446 13,401 3,590 Checks payables 354 1,431 102 12,800 14,832 3,692 |
Schedule of Other Payables and Accrued Expenses | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Customer advances 1,223 351 353 Accrued expenses 3,985 2,182 1,149 Others payables 38 - 12 5,246 2,533 1,514 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of defined benefit plans [abstract] | |
Schedule of Composition | December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Post-Employment Benefits: Benefits to retirees 1,148 849 331 Short term employee benefits: Accrued payroll and related expenses 1,575 1,638 454 Short term absence compensation 572 615 165 2,147 2,253 619 |
Schedule of Principal Assumptions Used for Purposes of Actuarial Valuations | The principal assumptions used for the purposes of the actuarial valuations were as follows: Valuation at 2 0 1 7 2 0 1 6 % % Discount rate 2.55 3.36 Expected return on the plan assets 2.55 3.36 Rate of increase in compensation 4 4 Expected rate of termination: 0-1 years 35 35 1-2 years 30 30 2-3 years 20 20 3-4 years 15 15 4-5 years 10 10 5 years and more 7.5 7.5 |
Schedule of Present Value of Defined Benefit Obligation in Current Period | Changes in the present value of the defined benefit obligation in the current period were as follows: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Opening defined benefit obligation 4,748 4,357 1,369 Current service cost 768 904 222 Interest cost 162 148 47 Actuarial gains - (3 ) - Actuarial losses arising from experience adjustments 370 (36 ) 107 Actuarial gains arising from changes in financial assumptions 12 192 3 Benefits paid (927 ) (814 ) (267 ) Closing defined benefit obligation 5,133 4,748 1,481 |
Schedule of Defined Benefit Assets in Current Period | Changes in the fair value of the defined benefit assets in the current period were as follows: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Opening defined benefit assets 3,899 3,678 1,125 Expected return on the plan assets 139 130 40 Changes in financial assumptions (63 ) (156 ) (18 ) Employer contribution 803 939 232 Benefits paid (814 ) (663 ) (235 ) Interest losses on severance payment allocated to remuneration benefits 21 (29 ) 6 Closing defined benefit assets 3,985 3,899 1,150 |
Schedule of Assets and Liabilities Recognized in Balance Sheets | Adaption of the current value of defined benefit plan liability and the fair value of the plan's assets to the assets and liabilities recognized in the Balance Sheets: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Present value of funded liability 5,133 4,748 1,480 Fair value of plan assets - accumulated deposit in executive insurance 3,985 3,899 1,149 Net liability deriving from defined benefit obligation 1,148 849 331 |
Schedule of Plan's Assets and Compensation Rights | Actual return on the plan's assets and compensation rights: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Actual return on plan's assets 139 131 40 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income taxes [Abstract] | |
Schedule of Composition | A. Composition: Year ended December 31 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Current taxes: Current taxes 3,918 4,067 5,745 1,130 Taxes in respect of prior years 141 - (69 ) 41 4,059 4,067 5,676 1,171 Deferred taxes 1,851 1,260 (3,110 ) 534 5,910 5,327 2,566 1,705 |
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate | B. Reconciliation of the statutory tax rate to the effective tax rate: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Income before Income taxes 30,933 16,179 9,410 8,921 Statutory tax rate 24 % 25 % 26.5 % 24 % Tax computed by statutory tax rate 7,424 4,044 2,494 2,141 Tax increments (savings) due to: Non-deductible expenses 51 70 29 15 Tax exempt Income (343 ) (33 ) (98 ) (99 ) Profit or loss for tax for which deferred taxes were not provided (1,196 ) 1,198 - (345 ) Changes in tax rates - 88 - - Temporary differences for which deferred taxes were not provided (132 ) - 170 (38 ) Previous year taxes 141 - (69 ) 40 Other (35 ) (40 ) 40 (9 ) 5,910 5,327 2,566 1,705 |
Schedule of Deferred Taxes | C. Deferred Taxes: January December December 1, 2017 Change 31, 2017 31, 2017 NIS NIS NIS US Dollars Deferred taxes arise from the following: Financial assets carried at fair value through profit or loss 67 (842 ) (775 ) (223 ) Employees benefits 352 43 395 114 Allowance for doubtful accounts 516 32 548 158 935 (767 ) 168 49 Carry forward tax losses 1,419 (1,084 ) 335 96 2,354 (1,851 ) 503 145 January December December 1, 2016 Change 31, 2016 31, 2016 NIS NIS NIS US Dollars Deferred taxes arise from the following: Financial assets carried at fair value through profit or loss (88 ) 155 67 17 Employees benefits 283 69 352 92 Allowance for doubtful accounts 913 (397 ) 516 134 1,108 (173 ) 935 243 Carry forward tax losses 2,507 (1,088 ) 1,419 369 3,615 (1,261 ) 2,354 612 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Ordinary shares of NIS 0.1 par value each December 31 2 0 1 7 2 0 1 6 Authorized share capital 50,000,000 50,000,000 Issued and outstanding 13,240,913 13,240,913 |
SELECTED CONSOLIDATED STATEME40
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of selected consolidated statements of operations data [Abstract] | |
Schedule of Income and Expenses | A. Revenues: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Sale of products 311,978 294,202 312,514 89,985 B. Cost of sales: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Purchases 222,351 220,088 209,577 64,134 Transportation 1,579 1,523 1,603 455 Depreciation and amortization 2,323 2,287 2,203 670 Maintenance 5,202 3,881 3,858 1,500 Other costs and expenses 2,062 1,278 2,107 595 233,517 229,057 219,348 67,354 Change in finished goods 4,128 (11,472 ) 18,104 1,191 237,645 217,585 237,452 68,545 C. Selling expenses: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Salaries and related expenses 14,316 12,969 12,532 4,129 Transportation and maintenance 11,619 9,555 10,601 3,351 Vehicles 3,564 3,833 3,989 1,028 Advertising and promotion 5,472 6,694 4,238 1,578 Depreciation and amortization 784 821 963 226 Others 6,335 5,533 4,971 1,828 42,090 39,405 37,294 12,140 D. General and administrative expenses: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Salaries and related expenses 8,922 9,126 22,062 2,573 Salary expenses relating Stock Incentive Plan - - 152 - Office maintenance 1,182 1,106 1,149 341 Professional fees 3,436 3,230 3,922 991 Vehicles 713 602 415 206 Depreciation and amortization 599 652 558 173 Bad and doubtful debts 226 (1,292 ) 3,402 65 Communication 136 116 135 39 Other 625 1,037 1,130 181 15,839 14,577 32,925 4,569 E. Employees benefit costs: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Payroll (without payment to related parties) 22,983 19,184 18,061 6,629 22,983 19,184 18,061 6,629 F. Depreciation and amortization: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Depreciation of fixed assets (see note 6) 3,682 3,762 3,807 1,062 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other income [Abstract] | |
Schedule of Other Income | Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Operation Protective Edge - - 1,961 - Capital gain on fixed assets realization 361 112 221 104 361 112 2,182 104 |
FINANCE INCOME AND EXPENSES (Ta
FINANCE INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of finance income and expenses [Abstract] | |
Schedule of Financing Income | Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Interest Income: Short-term bank deposits 30 333 957 9 Interest Income of debentures held for trading 3,274 1,791 1,901 944 Other 16 (11 ) (74 ) 5 Total interest Income 3,320 2,113 2,784 958 Other: Changes in fair value of financial assets at fair values 7,760 1,924 186 2,238 Gain (loss) from non-tradable financial assets (see note 24i). 5,368 (7,734 ) - 1,548 Foreign currency differences - - 13 - Dividends 1,489 272 380 429 Total financing Income 17,937 (3,425 ) 3,363 5,173 |
Schedule of Financing Expenses | Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Other: Foreign currency differences 2,708 2,222 627 781 Bank fees 599 449 351 173 Management fees for investment houses 462 300 - 133 Other - 172 - - Total financing costs 3,769 3,143 978 1,087 |
EARNING PER SHARE (Tables)
EARNING PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Schedule of Basic and Diluted Earning Per Share | Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars A. Basic earnings per share : Earnings used in the calculation of basic earnings per share to equity holders of the parent 25,023 10,852 6,844 7,216 B. Diluted earnings per share: Profit used to compute diluted earnings per share from continuing operations 25,023 10,852 6,844 7,216 Weighted average number of shares used in computing basic earnings per share from continuing operations 13,240,913 13,240,913 13,090,729 13,240,913 Weighted average number of shares used in computing diluted earnings per share from continuing operations 13,240,913 13,240,913 13,090,729 13,240,913 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Classification of Financial Assets and Liabilities | Categories of financial instruments: As of December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Financial assets Financial assets at fair value through profit or loss 143,514 104,921 41,394 Cash and cash equivalents 113,062 129,577 32,611 256,576 234,498 74,005 |
Schedule of Other Price Risk | The sensitivity analysis includes only shares, certificate of participation in mutual fund and bonds at the period end for a 10% change in its prices. A positive number below indicates an increase in profit and other equity where the prices strengthen 10% against the actual prices. For a 10% weakening of the prices against the actual prices, there would be an equal and opposite impact on the profit and other equity, and the balances below would be negative. 2 0 1 7 2 0 1 6 NIS NIS Profit or loss 14,351 10,492 |
Schedule of maturity profile of non-derivatives financial instruments | The following table presents the Group's maturity profile for its non-derivatives financial instruments based on their contractual maturity. These financial instruments include interest relating to these assets, except for cases when the Group anticipates that the cash flow will occur on a different period. 1 month 1-3 Months 4-12 Months 1-5 Years More than 5 Years Total NIS NIS NIS NIS NIS NIS 2017 Financial instruments which bear interest 608 728 3,471 13,832 69,266 87,905 Financial instruments which do not bear interest 168,671 - - - - 168,671 169,279 728 3,471 13,832 69,266 256,576 2016 Financial instruments which bear interest 272 1,683 2,583 29,580 24,346 58,464 Financial instruments which do not bear interest 176,651 - - - - 176,651 176,923 1,683 2,583 29,580 24,346 235,115 |
Schedule of Non-Derivatives Financial Instruments | The Financial instruments in the non-derivatives financial instruments consist of: December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Cash and cash equivalents 113,062 129,577 32,611 Financial assets at fair value through profit or loss 143,514 104,921 41,394 256,576 234,498 74,005 |
Schedule of Exchange rate risk | The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at reporting date are as follows: Assets Liabilities 2 0 1 7 2 0 1 6 2 0 1 7 2 0 1 6 NIS NIS NIS NIS US Dollars 38,034 43,263 1,944 1,387 EUR 1,299 57,805 3,568 6,071 US Dollars Impact EUR Impact 2 0 1 7 2 0 1 7 NIS NIS Profit or loss 3,609 (277 ) US Dollars Impact EUR Impact 2 0 1 6 2 0 1 6 NIS NIS Profit or loss 4,187 5,173 |
Schedule of Classification of Financial Instruments by Fair Value Hierarchy | December 31, 2017 Level 1 Level 2 Level 3 Total NIS NIS NIS NIS financial assets ‘at fair value through profit or loss’ (FVTPL) Marketable securities and derivatives 143,514 - - 143,514 December 31, 2016 Level 1 Level 2 Level 3 Total NIS NIS NIS NIS financial assets ‘at fair value through profit or loss’ (FVTPL) Marketable securities and derivatives 104,921 - - 104,921 |
OTHER FINANCIAL ASSETS AND LI45
OTHER FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other financial assets and liabilities [Abstract] | |
Schedule of Other Financial Assets and Liabilities | Exchange 2 0 1 7 2 0 1 6 2 0 1 7 rate NIS US Dollars Derivatives designated as hedges: Forward contracts in US Dollars 3.845-3.855 - (12 ) - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
Schedule of Analysis of Groups Customers | The following is an analysis of the Group's customers who represent more than 10% of the total sales: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Customer A 50,053 46,171 57,161 14,437 |
Schedule of Revenues from Principal Products | Revenues from major groups of products that contributed 10% or more to the Group's total revenues in 2015-2017 are as follows: Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Canned Vegetables and Pickles 38,545 41,991 41,161 11,118 Dairy and Dairy Substitute Products 118,800 108,250 100,321 34,266 Canned Fish 50,684 45,111 35,910 14,619 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Transactions with Related Parties | Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 2 0 1 7 NIS NIS NIS US Dollars Sales of goods to the Parent Company 93 208 265 27 Participation in expenses with Parent Company 95 296 301 28 Salary management fees, and bonus to related parties 2,281 2,190 17,108 658 Salary and bonus to key management personal 2,734 3,091 1,599 789 Share-based payment - - 152 - Car expenses 498 383 1,016 144 |
Schedule of Balances with Related Parties | Year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars Due to officers 24 42 7 Parent Company (6 ) 361 (2 ) |
GUARANTEES AND PLEDGES (Tables)
GUARANTEES AND PLEDGES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of guarantees and pledges [Abstract] | |
Schedule of Secured Liabilities of Group | As of December 31, 2 0 1 7 2 0 1 6 2 0 1 7 NIS NIS US Dollars (in thousands) Bank 2,979 1,580 859 2,979 1,580 859 |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of summary of significant accounting policies [Abstract] | |
Convenience translation into U.S. Dollars | (USD 1 = NIS 3.467) |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Annual Depreciation and Amortization Rates) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Land [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 50 |
Annual depreciation and amortization rates % | 2 |
Construction [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 25 |
Annual depreciation and amortization rates % | 4 |
Motor vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 5 |
Annual depreciation and amortization rates % | 15-20 (Mainly 20%) |
Office furniture and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 6 |
Annual depreciation and amortization rates % | 6-15 (Mainly 15%) |
Computers [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 3 |
Annual depreciation and amortization rates % | 20-33 (Mainly 33%) |
Machinery and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 10 |
Annual depreciation and amortization rates % | 10 |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Exchange Rates and Linkage Basis) (Details) - Points | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Exchange rate of one Dollar [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exchange rate | 3.46 | 3.84 | 3.90 |
Percentage Increase (Decrease) during the year ended | (9.90%) | (1.50%) | 0.51% |
Exchange rate of one Euro [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exchange rate | 4.15 | 4.04 | 4.25 |
Percentage Increase (Decrease) during the year ended | 2.70% | (4.90%) | (9.90%) |
Israeli CPI [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exchange rate | 113.04 | 112.59 | 112.82 |
Percentage Increase (Decrease) during the year ended | 0.40% | (0.20%) | (1.00%) |
SIGNIFICANT ACCOUNTING JUDGEM52
SIGNIFICANT ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of significant accounting judgement and key sources of estimation [Abstract] | |||
Revenue recognition | ₪ 311,978 | ₪ 294,202 | ₪ 312,514 |
CURRENT ASSETS (Narrative) (Det
CURRENT ASSETS (Narrative) (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial assets [line items] | ||
Provision for retrun sum | ₪ 1,841 | ₪ 1,500 |
Average credit period on sales of goods | 86 days | |
Total trade receivables balance | ₪ 85,943 | 80,227 |
Percentage of debt group exceeds trade receivables balance | 10.00% | |
Net of impairment provision for inventory | ₪ 1,834 | 369 |
Customer [Member] | ||
Disclosure of financial assets [line items] | ||
Total trade receivables balance | ₪ 7,932 | ₪ 9,209 |
CURRENT ASSETS (Schedule of Cas
CURRENT ASSETS (Schedule of Cash and Cash Equivalents - Composition) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | Dec. 31, 2014ILS (₪) | |
Disclosure of financial assets [line items] | |||||||
Cash in bank | ₪ | ₪ 12,962 | ₪ 90,426 | |||||
Short-term bank deposits | ₪ | 100,100 | 39,151 | |||||
Cash and cash equivalents | ₪ | ₪ 113,062 | ₪ 129,577 | ₪ 79,421 | ₪ 82,902 | |||
US Dollars [Member] | |||||||
Disclosure of financial assets [line items] | |||||||
Cash in bank | $ | $ 3,739 | ||||||
Short-term bank deposits | $ | 28,872 | ||||||
Cash and cash equivalents | $ | [1] | $ 32,611 | $ 37,374 | ||||
[1] | Convenience Translation into US Dollars. |
CURRENT ASSETS (Schedule of Fin
CURRENT ASSETS (Schedule of Financial Assets at Fair Value Through Profit or Loss) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Financial assets carried at fair value through profit or loss (FVTPL): | ||||
Shares | ₪ | ₪ 44,494 | ₪ 35,091 | ||
Governmental loan and other bonds | ₪ | 87,905 | 58,249 | ||
Certificate of participation in mutual fund | ₪ | 11,115 | 11,581 | ||
Total Financial assets at fair value through profit or loss | ₪ | ₪ 143,514 | ₪ 104,921 | ||
US Dollars [Member] | ||||
Financial assets carried at fair value through profit or loss (FVTPL): | ||||
Shares | $ | $ 12,834 | |||
Governmental loan and other bonds | $ | 25,355 | |||
Certificate of participation in mutual fund | $ | 3,205 | |||
Total Financial assets at fair value through profit or loss | $ | [1] | $ 41,394 | ||
[1] | Convenience Translation into US Dollars. |
CURRENT ASSETS (Schedule of Tra
CURRENT ASSETS (Schedule of Trade Receivables Composition) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | |
Disclosure of financial assets [line items] | ||||||
Trade receivables | ₪ | [1] | ₪ 88,324 | ₪ 82,382 | |||
Less - allowance for doubtful debts | ₪ | 2,381 | 2,155 | ₪ 3,448 | |||
Total Trade receivables | ₪ | ₪ 85,943 | ₪ 80,227 | ||||
US Dollars [Member] | ||||||
Disclosure of financial assets [line items] | ||||||
Trade receivables | $ | [1] | $ 25,476 | ||||
Less - allowance for doubtful debts | $ | 687 | $ 622 | ||||
Total Trade receivables | $ | [2] | $ 24,789 | ||||
[1] | Less provision for returns in the sum of NIS 1,841 (as of December 31, 2016 - NIS 1,500). | |||||
[2] | Convenience Translation into US Dollars. |
CURRENT ASSETS (Schedule of Cha
CURRENT ASSETS (Schedule of Changes in Allowance for Doubtful Debts) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | ||
Disclosure of financial assets [line items] | ||||
Balance at beginning of the year | ₪ | ₪ 2,155 | ₪ 3,448 | ||
Change in allowance doubtful debts | ₪ | [1] | 266 | (1,293) | |
Balance at end of the year | ₪ | ₪ 2,381 | ₪ 2,155 | ||
US Dollars [Member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of the year | $ | $ 622 | |||
Change in allowance doubtful debts | $ | [1] | 65 | ||
Balance at end of the year | $ | $ 687 | |||
[1] | See Note 24q. |
CURRENT ASSETS (Schedule of Oth
CURRENT ASSETS (Schedule of Other Receivables and Prepaid Expenses) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of financial assets [line items] | ||||
Prepaid expenses | ₪ | ₪ 688 | ₪ 595 | ||
Income receivables | ₪ | 1,039 | |||
Advances to suppliers | ₪ | 339 | 1,984 | ||
Government authorities | ₪ | 953 | 326 | ||
Receivables in respect of investment in a non-current financial asset (See note 24 i) | ₪ | 3,970 | 770 | ||
Others | ₪ | 46 | 81 | ||
Total Other receivables and prepaid expenses | ₪ | ₪ 5,996 | ₪ 4,795 | ||
US Dollars [Member] | ||||
Disclosure of financial assets [line items] | ||||
Prepaid expenses | $ | $ 198 | |||
Income receivables | $ | ||||
Advances to suppliers | $ | 98 | |||
Government authorities | $ | 275 | |||
Receivables in respect of investment in a non-current financial asset (See note 24 i) | $ | 1,145 | |||
Others | $ | 13 | |||
Total Other receivables and prepaid expenses | $ | [1] | $ 1,729 | ||
[1] | Convenience Translation into US Dollars. |
CURRENT ASSETS (Schedule of Com
CURRENT ASSETS (Schedule of Composition) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of financial assets [line items] | ||||
Finished products | ₪ | ₪ 32,690 | ₪ 36,818 | ||
Merchandise in transit | ₪ | 7,209 | 5,059 | ||
Total Inventories | ₪ | ₪ 39,899 | ₪ 41,877 | ||
US Dollars [Member] | ||||
Disclosure of financial assets [line items] | ||||
Finished products | $ | $ 9,429 | |||
Merchandise in transit | $ | 2,079 | |||
Total Inventories | $ | [1] | $ 11,508 | ||
[1] | Convenience Translation into US Dollars. |
INVESTMENTS IN SUBSIDIARIES (Sc
INVESTMENTS IN SUBSIDIARIES (Schedule of Financial Statement of Subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Gold Frost Ltd. ( [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Ownership Interest | 100.00% | 100.00% |
W.F.D. Ltd. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Ownership Interest | 100.00% | 100.00% |
B.H.W.F.I Ltd ("BHWFI")[Member] | ||
Disclosure of transactions between related parties [line items] | ||
Ownership Interest | 100.00% | 100.00% |
PROPERTY PLANT AND EQUIPMENT (S
PROPERTY PLANT AND EQUIPMENT (Schedule of Property Plant and Equipment) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | ₪ 42,241 | |||
Changes during | ||||
Ending Balance | 41,209 | ₪ 42,241 | ||
US Dollars [Member] | ||||
Changes during | ||||
Ending Balance | $ | [1] | $ 11,886 | ||
Consolidated Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 77,204 | 76,041 | ||
Changes during | ||||
Additions | 2,650 | 1,915 | ||
Dispositions | (1,256) | (752) | ||
Ending Balance | 78,598 | 77,204 | ||
Accumulated depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 34,963 | 31,875 | ||
Changes during | ||||
Additions | 3,682 | 3,760 | ||
Dispositions | (1,256) | (672) | ||
Ending Balance | 37,389 | 34,963 | ||
Net book value [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 42,241 | |||
Changes during | ||||
Ending Balance | 41,209 | 42,241 | ||
Net book value [Member] | US Dollars [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | $ | 10,986 | |||
Changes during | ||||
Dispositions | 11,886 | |||
Ending Balance | $ | ||||
Land and buildings [Member] | Consolidated Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 54,477 | 54,411 | ||
Changes during | ||||
Additions | 10 | 66 | ||
Dispositions | ||||
Ending Balance | 54,487 | 54,477 | ||
Land and buildings [Member] | Accumulated depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 17,038 | 15,378 | ||
Changes during | ||||
Additions | 1,663 | 1,660 | ||
Dispositions | ||||
Ending Balance | 18,701 | 17,038 | ||
Land and buildings [Member] | Net book value [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 37,439 | |||
Changes during | ||||
Ending Balance | 35,786 | 37,439 | ||
Land and buildings [Member] | Net book value [Member] | US Dollars [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | $ | 9,737 | |||
Changes during | ||||
Dispositions | 10,322 | |||
Ending Balance | $ | ||||
Machinery and equipment [Member] | Consolidated Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 4,388 | 4,279 | ||
Changes during | ||||
Additions | 705 | 240 | ||
Dispositions | (131) | |||
Ending Balance | 5,093 | 4,388 | ||
Machinery and equipment [Member] | Accumulated depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 2,850 | 1,979 | ||
Changes during | ||||
Additions | 894 | 922 | ||
Dispositions | (51) | |||
Ending Balance | 3,744 | 2,850 | ||
Machinery and equipment [Member] | Net book value [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 1,538 | |||
Changes during | ||||
Ending Balance | 1,349 | 1,538 | ||
Machinery and equipment [Member] | Net book value [Member] | US Dollars [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | $ | 400 | |||
Changes during | ||||
Dispositions | 389 | |||
Ending Balance | $ | ||||
Motor vehicles [Member] | Consolidated Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 12,392 | 11,660 | ||
Changes during | ||||
Additions | 1,419 | 1,353 | ||
Dispositions | (1,256) | (621) | ||
Ending Balance | 12,555 | 12,392 | ||
Motor vehicles [Member] | Accumulated depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 10,582 | 10,329 | ||
Changes during | ||||
Additions | 821 | 874 | ||
Dispositions | (1,256) | (621) | ||
Ending Balance | 10,147 | 10,582 | ||
Motor vehicles [Member] | Net book value [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 1,810 | |||
Changes during | ||||
Ending Balance | 2,408 | 1,810 | ||
Motor vehicles [Member] | Net book value [Member] | US Dollars [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | $ | 471 | |||
Changes during | ||||
Dispositions | 695 | |||
Ending Balance | $ | ||||
Computers and Equipment Member [Member] | Consolidated Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 4,584 | 4,382 | ||
Changes during | ||||
Additions | 196 | 202 | ||
Dispositions | ||||
Ending Balance | 4,780 | 4,584 | ||
Computers and Equipment Member [Member] | Accumulated depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 3,649 | 3,382 | ||
Changes during | ||||
Additions | 260 | 267 | ||
Dispositions | ||||
Ending Balance | 3,909 | 3,649 | ||
Computers and Equipment Member [Member] | Net book value [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 935 | |||
Changes during | ||||
Ending Balance | 871 | 935 | ||
Computers and Equipment Member [Member] | Net book value [Member] | US Dollars [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | $ | 243 | |||
Changes during | ||||
Dispositions | 251 | |||
Ending Balance | $ | ||||
Office furniture and equipment [Member] | Consolidated Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 1,363 | 1,309 | ||
Changes during | ||||
Additions | 320 | 54 | ||
Dispositions | ||||
Ending Balance | 1,683 | 1,363 | ||
Office furniture and equipment [Member] | Accumulated depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 844 | 807 | ||
Changes during | ||||
Additions | 44 | 37 | ||
Dispositions | ||||
Ending Balance | 888 | 844 | ||
Office furniture and equipment [Member] | Net book value [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | 519 | |||
Changes during | ||||
Ending Balance | 795 | ₪ 519 | ||
Office furniture and equipment [Member] | Net book value [Member] | US Dollars [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Begining Balance | $ | $ 135 | |||
Changes during | ||||
Dispositions | ₪ 229 | |||
Ending Balance | $ | ||||
[1] | Convenience Translation into US Dollars. |
GOODWILL (Details)
GOODWILL (Details) - ILS (₪) ₪ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of goodwill [Abstract] | ||
Goodwill | ₪ 36 | ₪ 36 |
DETAILS OF CURRENT LIABILITIE63
DETAILS OF CURRENT LIABILITIES (Schedule of Trade Payables) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of offsetting of financial liabilities [line items] | ||||
Open accounts | ₪ | ₪ 12,446 | ₪ 13,401 | ||
Checks payables | ₪ | 354 | 1,431 | ||
Total Trade payables | ₪ | ₪ 12,800 | ₪ 14,832 | ||
US Dollars [Member] | ||||
Disclosure of offsetting of financial liabilities [line items] | ||||
Open accounts | $ | $ 3,590 | |||
Checks payables | $ | 102 | |||
Total Trade payables | $ | [1] | $ 3,692 | ||
[1] | Convenience Translation into US Dollars. |
DETAILS OF CURRENT LIABILITIE64
DETAILS OF CURRENT LIABILITIES (Summary Other Payables and Accrued Expenses) (Details) (ILS) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of offsetting of financial liabilities [line items] | ||||
Customer advances | ₪ | ₪ 1,223 | ₪ 351 | ||
Accrued expenses | ₪ | 3,985 | 2,182 | ||
Others payables | ₪ | 38 | |||
Total other payables and accrued expenses | ₪ | ₪ 5,246 | ₪ 2,533 | ||
US Dollars [Member] | ||||
Disclosure of offsetting of financial liabilities [line items] | ||||
Customer advances | $ | $ 353 | |||
Accrued expenses | $ | 1,149 | |||
Others payables | $ | 12 | |||
Total other payables and accrued expenses | $ | [1] | $ 1,514 | ||
[1] | Convenience Translation into US Dollars. |
PROVISIONS (Details)
PROVISIONS (Details) ₪ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2013USD ($) | Oct. 31, 2013ILS (₪) | Mar. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | Nov. 14, 2016ILS (₪) | |
Disclosure of other provisions [line items] | |||||
Required Payment of customs duties | ₪ 150 | ||||
Expenditure recognized | ₪ 600 | ||||
Company paid entire shortfall amount | ₪ 800 | ||||
Sum of claim | ₪ 201,025 | ||||
US Dollars [Member] | |||||
Disclosure of other provisions [line items] | |||||
Required Payment of customs duties | $ | $ 39 |
EMPLOYEE BENEFITS (Narrative) (
EMPLOYEE BENEFITS (Narrative) (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [line items] | ||
Mortality rate description | The mortality rate of an active participant at retirement age (67 for men, 64 for women), is 0.6433% for men and 0.3574% for women. | |
Nominal interest rate | 2.55% | |
Increase (decrease) discount rate | 0.50% | |
Increase (decrease) Defined benefit obligation | ₪ 228 | |
Rate hike expected salaries increased | 0.50% | |
Vacation provision | ₪ 422 | ₪ 457 |
Defined Benefit Obligation [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Increase (decrease) Defined benefit obligation | 186 | |
US Dollars [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Increase (decrease) Defined benefit obligation | 66 | |
US Dollars [Member] | Defined Benefit Obligation [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Increase (decrease) Defined benefit obligation | ₪ 53 |
EMPLOYEE BENEFITS (Schedule of
EMPLOYEE BENEFITS (Schedule of Composition) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Post-Employment Benefits: | ||||
Benefits to retirees | ₪ | ₪ 1,148 | ₪ 849 | ||
Short term employee benefits: | ||||
Accrued payroll and related expenses | ₪ | 1,575 | 1,638 | ||
Short term absence compensation | ₪ | 572 | 615 | ||
Total Short term employee benefits | ₪ | ₪ 2,147 | ₪ 2,253 | ||
US Dollars [Member] | ||||
Post-Employment Benefits: | ||||
Benefits to retirees | $ | [1] | $ 331 | ||
Short term employee benefits: | ||||
Accrued payroll and related expenses | $ | 454 | |||
Short term absence compensation | $ | 165 | |||
Total Short term employee benefits | $ | [1] | $ 619 | ||
[1] | Convenience Translation into US Dollars. |
EMPLOYEE BENEFITS (Schedule o68
EMPLOYEE BENEFITS (Schedule of Principal Assumptions Used for Purposes of Actuarial Valuations) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.55% | 3.36% |
Expected return on the plan assets | 2.55% | 3.36% |
Rate of increase in compensation | 4.00% | 4.00% |
0-1 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected rate of termination | 35.00% | 35.00% |
1-2 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected rate of termination | 30.00% | 30.00% |
2-3 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected rate of termination | 20.00% | 20.00% |
3-4 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected rate of termination | 15.00% | 15.00% |
4-5 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected rate of termination | 10.00% | 10.00% |
More then 5 Years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected rate of termination | 7.50% | 7.50% |
EMPLOYEE BENEFITS (Schedule o69
EMPLOYEE BENEFITS (Schedule of Present Value of Defined Benefit Obligation in Current Period) (Details) - Defined Benefit Obligation [Member] ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of defined benefit plans [line items] | |||
Opening defined benefit obligation | ₪ | ₪ 4,748 | ₪ 4,357 | |
Current service cost | ₪ | 768 | 904 | |
Interest cost | ₪ | 162 | 148 | |
Actuarial gains | ₪ | (3) | ||
Actuarial losses arising from experience adjustments | ₪ | 370 | (36) | |
Actuarial gains arising from changes in financial assumptions | ₪ | 12 | 192 | |
Benefits paid | ₪ | (927) | (814) | |
Closing defined benefit obligation | ₪ | ₪ 5,133 | ₪ 4,748 | |
US Dollars [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Opening defined benefit obligation | $ | $ 1,369 | ||
Current service cost | $ | 222 | ||
Interest cost | $ | 47 | ||
Actuarial gains | $ | |||
Actuarial losses arising from experience adjustments | $ | 107 | ||
Actuarial gains arising from changes in financial assumptions | $ | 3 | ||
Benefits paid | $ | (267) | ||
Closing defined benefit obligation | $ | $ 1,481 |
EMPLOYEE BENEFITS (Schedule o70
EMPLOYEE BENEFITS (Schedule of Defined Benefit Assets in Current Period) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of defined benefit plans [line items] | |||
Opening defined benefit assets | ₪ 3,899 | ||
Expected return on the plan assets | 139 | ₪ 130 | |
Closing defined benefit assets | 3,985 | 3,899 | |
US Dollars [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Expected return on the plan assets | $ | $ 40 | ||
Closing defined benefit assets | $ | 1,149 | ||
Plan assets [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Opening defined benefit assets | 3,899 | 3,678 | |
Expected return on the plan assets | 139 | (130) | |
Changes in financial assumptions | (63) | (156) | |
Employer contribution | 803 | 939 | |
Benefits paid | (814) | (663) | |
Interest losses on severance payment allocated to remuneration benefits | 21 | (29) | |
Closing defined benefit assets | ₪ 3,985 | ₪ 3,899 | |
Plan assets [Member] | US Dollars [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Opening defined benefit assets | $ | 1,125 | ||
Expected return on the plan assets | $ | 40 | ||
Changes in financial assumptions | $ | (18) | ||
Employer contribution | $ | 232 | ||
Benefits paid | $ | (235) | ||
Interest losses on severance payment allocated to remuneration benefits | $ | 6 | ||
Closing defined benefit assets | $ | $ 1,150 |
EMPLOYEE BENEFITS (Schedule o71
EMPLOYEE BENEFITS (Schedule of Assets and Liabilities Recognized in Balance Sheets ) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of defined benefit plans [line items] | ||||
Present value of funded liability | ₪ | ₪ 5,133 | ₪ 4,748 | ||
Fair value of plan assets - accumulated deposit in executive insurance | ₪ | 3,985 | 3,899 | ||
Net liability deriving from defined benefit obligation | ₪ | ₪ 1,148 | ₪ 849 | ||
US Dollars [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Present value of funded liability | $ | $ 1,480 | |||
Fair value of plan assets - accumulated deposit in executive insurance | $ | 1,149 | |||
Net liability deriving from defined benefit obligation | $ | [1] | $ 331 | ||
[1] | Convenience Translation into US Dollars. |
EMPLOYEE BENEFITS (Schedule o72
EMPLOYEE BENEFITS (Schedule of Plan's Assets and Compensation Rights ) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of defined benefit plans [line items] | |||
Actual return on plan's assets | ₪ | ₪ 139 | ₪ 130 | |
US Dollars [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Actual return on plan's assets | $ | $ 40 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Change in tax rate | reduction of corporate tax rate beginning on January 1 2016 and thereafter, from 26.5% to 25%. | ||||
Corporate tax rate | 24.00% | 25.00% | 26.50% | ||
Changes in tax rates or tax laws enacted or announced [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Corporate tax rate | 23.00% |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Composition) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
Current taxes: | |||||
Current taxes | ₪ | ₪ 3,918 | ₪ 4,067 | ₪ 5,745 | ||
Taxes in respect of prior years | ₪ | 141 | (69) | |||
Total Current taxes | ₪ | 4,059 | 4,067 | 5,676 | ||
Deferred taxes | ₪ | 1,851 | 1,260 | (3,110) | ||
Total Reconciliation of the statutory tax rate to the effective tax rate | ₪ | ₪ 5,910 | ₪ 5,327 | ₪ 2,566 | ||
US Dollars [Member] | |||||
Current taxes: | |||||
Current taxes | $ | $ 1,130 | ||||
Taxes in respect of prior years | $ | 41 | ||||
Total Current taxes | $ | 1,171 | ||||
Deferred taxes | $ | [1] | 534 | |||
Total Reconciliation of the statutory tax rate to the effective tax rate | $ | [1] | $ 1,705 | |||
[1] | Convenience Translation into US Dollars. |
INCOME TAXES (Schedule of Recon
INCOME TAXES (Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Income before Income taxes | ₪ | ₪ 30,933 | ₪ 16,179 | ₪ 9,410 | ||
Statutory tax rate | 24.00% | 24.00% | 25.00% | 26.50% | |
Tax computed by statutory tax rate | ₪ | ₪ 7,424 | ₪ 4,044 | ₪ 2,494 | ||
Tax increments (savings) due to: | |||||
Non-deductible expenses | ₪ | 51 | 70 | 29 | ||
Tax exempt Income | ₪ | (343) | (33) | (98) | ||
Profit or loss for tax for which deferred taxes were not provided | ₪ | (1,196) | 1,198 | |||
Changes in tax rates | ₪ | 88 | ||||
Temporary differences for which deferred taxes were not provided | ₪ | (132) | 170 | |||
Previous year taxes | ₪ | 141 | (69) | |||
Other | ₪ | (35) | (40) | 40 | ||
Total Reconciliation of the statutory tax rate to the effective tax rate | ₪ | ₪ 5,910 | ₪ 5,327 | ₪ 2,566 | ||
US Dollars [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Income before Income taxes | $ | $ 8,921 | ||||
Statutory tax rate | 24.00% | 24.00% | |||
Tax computed by statutory tax rate | $ | $ 2,141 | ||||
Tax increments (savings) due to: | |||||
Non-deductible expenses | $ | 15 | ||||
Tax exempt Income | $ | (99) | ||||
Profit or loss for tax for which deferred taxes were not provided | $ | (345) | ||||
Changes in tax rates | $ | |||||
Temporary differences for which deferred taxes were not provided | $ | (38) | ||||
Previous year taxes | $ | 40 | ||||
Other | $ | (9) | ||||
Total Reconciliation of the statutory tax rate to the effective tax rate | $ | [1] | $ 1,705 | |||
[1] | Convenience Translation into US Dollars. |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Taxes) (Details) (ILS) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | ₪ 2,354 | ₪ 3,615 | |
Recognized in profit or loss | (1,851) | (1,261) | |
Ending Balance | 503 | 2,354 | |
US Dollars [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | $ | $ 612 | ||
Ending Balance | $ | 145 | ||
Financial assets carried at fair value through profit or loss [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 67 | (88) | |
Recognized in profit or loss | (842) | 155 | |
Ending Balance | (775) | 67 | |
Financial assets carried at fair value through profit or loss [Member] | US Dollars [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | $ | 17 | ||
Recognized in profit or loss | |||
Ending Balance | (223) | ||
Employees benefits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 352 | 283 | |
Recognized in profit or loss | 43 | 69 | |
Ending Balance | 395 | 352 | |
Employees benefits [Member] | US Dollars [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | $ | 92 | ||
Ending Balance | $ | 114 | ||
Allowance for doubtful accounts [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 516 | 913 | |
Recognized in profit or loss | 32 | (397) | |
Ending Balance | 548 | 516 | |
Allowance for doubtful accounts [Member] | US Dollars [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | $ | 134 | ||
Ending Balance | $ | 158 | ||
Gross Deferred Taxes [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 935 | 1,108 | |
Recognized in profit or loss | (767) | (173) | |
Ending Balance | 168 | 935 | |
Gross Deferred Taxes [Member] | US Dollars [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | $ | 243 | ||
Ending Balance | $ | 49 | ||
Carry forward tax losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 1,419 | 2,507 | |
Recognized in profit or loss | (1,084) | (1,088) | |
Ending Balance | ₪ 335 | ₪ 1,419 | |
Carry forward tax losses [Member] | US Dollars [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | $ | 369 | ||
Ending Balance | $ | $ 96 |
COMMITMENTS AND CONTINGENT LI77
COMMITMENTS AND CONTINGENT LIABILITIES (Details) - ILS (₪) ₪ in Thousands | 1 Months Ended | 12 Months Ended |
Apr. 30, 1997 | Dec. 31, 2017 | |
Disclosure of contingent liabilities [abstract] | ||
Notice period | 3-6 months | |
Lease Monthly fee | ₪ 10 | |
Percentage of full-time position directors | 60.00% | |
Appointment term | over a period of 3 years | |
Management fees | ₪ 60 | |
Annual bonus description | a total amount that will not exceed NIS 720 thousand plus VAT, provided that the annual operating profit will not be less than NIS 15 million, on the basis of the mechanism set out below: (a) a bonus of up to 2% for the initial NIS 10 million of operating profit; (b) a bonus of up to 3% of operating profit in excess of NIS 10 million and up to and including NIS 15 million; (c) a bonus of up to 4% of operating profit in excess of NIS 15 million and up to and including NIS 20 million; (d) a bonus of up to 5% of operating profit in excess of NIS 20 million. | |
Agreement term | 3-year period through August 21, 2020 |
SHAREHOLDERS' EQUITY (Schedule
SHAREHOLDERS' EQUITY (Schedule of Share Capital) (Details) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of classes of share capital [abstract] | ||
Authorized share capital | 50,000,000 | 50,000,000 |
Issued and outstanding | 13,240,913 | 13,240,913 |
SELECTED CONSOLIDATED STATEME79
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (Schedule of Revenue) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Sale of products | ₪ | ₪ 311,978 | ₪ 294,202 | ₪ 312,514 | ||
US Dollars [Member] | |||||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Sale of products | $ | [1] | $ 89,985 | |||
[1] | Convenience Translation into US Dollars. |
SELECTED CONSOLIDATED STATEME80
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (Schedule of Cost of Sales) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Purchases | ₪ | ₪ 222,351 | ₪ 220,088 | ₪ 209,577 | ||
Transportation | ₪ | 1,579 | 1,523 | 1,603 | ||
Depreciation and amortization | ₪ | 2,323 | 2,287 | 2,203 | ||
Maintenance | ₪ | 5,202 | 3,881 | 3,858 | ||
Other costs and expenses | ₪ | 2,062 | 1,278 | 2,107 | ||
Cost of sales, gross | ₪ | 233,517 | 229,057 | 219,348 | ||
Change in finished goods | ₪ | 4,128 | (11,472) | 18,104 | ||
Cost of sales | ₪ | ₪ 237,645 | ₪ 217,585 | ₪ 237,452 | ||
US Dollars [Member] | |||||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Purchases | $ | $ 64,134 | ||||
Transportation | $ | 455 | ||||
Depreciation and amortization | $ | 670 | ||||
Maintenance | $ | 1,500 | ||||
Other costs and expenses | $ | 595 | ||||
Cost of sales, gross | $ | 67,354 | ||||
Change in finished goods | $ | 1,191 | ||||
Cost of sales | $ | [1] | $ 68,545 | |||
[1] | Convenience Translation into US Dollars. |
SELECTED CONSOLIDATED STATEME81
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (Schedule of Selling Expenses) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Salaries and related expenses | ₪ | ₪ 14,316 | ₪ 12,969 | ₪ 12,532 | ||
Transportation and maintenance | ₪ | 11,619 | 9,555 | 10,601 | ||
Vehicles | ₪ | 3,564 | 3,833 | 3,989 | ||
Advertising and promotion | ₪ | 5,472 | 6,694 | 4,238 | ||
Depreciation and amortization | ₪ | 784 | 821 | 963 | ||
Others | ₪ | 6,335 | 5,533 | 4,971 | ||
Selling expenses | ₪ | ₪ 42,090 | ₪ 39,405 | ₪ 37,294 | ||
US Dollars [Member] | |||||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Salaries and related expenses | $ | $ 4,129 | ||||
Transportation and maintenance | $ | 3,351 | ||||
Vehicles | $ | 1,028 | ||||
Advertising and promotion | $ | 1,578 | ||||
Depreciation and amortization | $ | 226 | ||||
Others | $ | 1,828 | ||||
Selling expenses | $ | [1] | $ 12,140 | |||
[1] | Convenience Translation into US Dollars. |
SELECTED CONSOLIDATED STATEME82
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (Schedule of General and Administrative Expenses) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Salaries and related expenses | ₪ | ₪ 8,922 | ₪ 9,126 | ₪ 22,062 | ||
Salary expenses relating Stock Incentive Plan | ₪ | 152 | ||||
Office maintenance | ₪ | 1,182 | 1,106 | 1,149 | ||
Professional fees | ₪ | 3,436 | 3,230 | 3,922 | ||
Vehicles | ₪ | 713 | 602 | 415 | ||
Depreciation and amortization | ₪ | 599 | 652 | 558 | ||
Bad and doubtful debts | ₪ | 226 | (1,292) | 3,402 | ||
Communication | ₪ | 136 | 116 | 135 | ||
Other | ₪ | 625 | 1,037 | 1,130 | ||
General and administrative expenses | ₪ | ₪ 15,839 | ₪ 14,577 | ₪ 32,925 | ||
US Dollars [Member] | |||||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Salaries and related expenses | $ | $ 2,573 | ||||
Salary expenses relating Stock Incentive Plan | $ | |||||
Office maintenance | $ | 341 | ||||
Professional fees | $ | 991 | ||||
Vehicles | $ | 206 | ||||
Depreciation and amortization | $ | 173 | ||||
Bad and doubtful debts | $ | 65 | ||||
Communication | $ | 39 | ||||
Other | $ | 181 | ||||
General and administrative expenses | $ | [1] | $ 4,569 | |||
[1] | Convenience Translation into US Dollars. |
SELECTED CONSOLIDATED STATEME83
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (Schedule of Employees Benefit Costs) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | |
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | ||||
Payroll (without payment to related parties) | ₪ | ₪ 22,983 | ₪ 19,184 | ₪ 18,061 | |
Employees benefit costs | ₪ | ₪ 22,983 | ₪ 19,184 | ₪ 18,061 | |
US Dollars [Member] | ||||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | ||||
Payroll (without payment to related parties) | $ | $ 6,629 | |||
Employees benefit costs | $ | $ 6,629 |
SELECTED CONSOLIDATED STATEME84
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (Schedule of Depreciation and Amortization) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Depreciation of fixed assets (see note 6) | ₪ | ₪ 3,682 | ₪ 3,762 | ₪ 3,723 | ||
US Dollars [Member] | |||||
DisclosureOfSeletedConsolidatedStatementsOfOperationDataLineItems [Line Items] | |||||
Depreciation of fixed assets (see note 6) | $ | [1] | $ 1,062 | |||
[1] | Convenience Translation into US Dollars. |
OTHER INCOME (Schedule of Other
OTHER INCOME (Schedule of Other Income) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Operation Protective Edge | ₪ | ₪ 1,961 | ||||
Capital gain on fixed assets realization | ₪ | 361 | 112 | 221 | ||
Other income | ₪ | ₪ 361 | ₪ 112 | ₪ 2,182 | ||
US Dollars [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Operation Protective Edge | $ | |||||
Capital gain on fixed assets realization | $ | 104 | ||||
Other income | $ | [1] | $ 104 | |||
[1] | Convenience Translation into US Dollars. |
FINANCE INCOME AND EXPENSES (Sc
FINANCE INCOME AND EXPENSES (Schedule of Financing Income) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
Interest Income: | |||||
Short-term bank deposits | ₪ | ₪ 30 | ₪ 333 | ₪ 957 | ||
Interest Income of debentures held for trading | ₪ | 3,274 | 1,791 | 1,901 | ||
Other | ₪ | 16 | (11) | (74) | ||
Total interest Income | ₪ | 3,320 | 2,113 | 2,784 | ||
Other: | |||||
Changes in fair value of financial assets at fair values | ₪ | 7,760 | 1,924 | 186 | ||
Gain (loss) from non-tradable financial assets (see note 24i). | ₪ | 1,398 | (7,734) | |||
Foreign currency differences | ₪ | 13 | ||||
Dividends | ₪ | 1,489 | 272 | 380 | ||
Total financing Income | ₪ | ₪ 17,937 | ₪ (3,425) | ₪ 3,363 | ||
US Dollars [Member] | |||||
Interest Income: | |||||
Short-term bank deposits | $ | $ 9 | ||||
Interest Income of debentures held for trading | $ | 944 | ||||
Other | $ | 5 | ||||
Total interest Income | $ | 958 | ||||
Other: | |||||
Changes in fair value of financial assets at fair values | $ | 2,238 | ||||
Gain (loss) from non-tradable financial assets (see note 24i). | $ | 403 | ||||
Foreign currency differences | $ | |||||
Dividends | $ | 429 | ||||
Total financing Income | $ | [1] | $ 5,173 | |||
[1] | Convenience Translation into US Dollars. |
FINANCE INCOME AND EXPENSES (87
FINANCE INCOME AND EXPENSES (Schedule of Financing Expenses) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
Other: | |||||
Foreign currency differences | ₪ | ₪ 2,708 | ₪ 2,222 | ₪ 627 | ||
Bank fees | ₪ | 599 | 449 | 351 | ||
Management fees for investment houses | ₪ | 462 | 300 | |||
Other | ₪ | 172 | ||||
Total financing costs | ₪ | ₪ 3,769 | ₪ 3,143 | ₪ 978 | ||
US Dollars [Member] | |||||
Other: | |||||
Foreign currency differences | $ | $ 781 | ||||
Bank fees | $ | 173 | ||||
Management fees for investment houses | $ | 133 | ||||
Other | $ | |||||
Total financing costs | $ | [1] | $ 1,087 | |||
[1] | Convenience Translation into US Dollars. |
EARNING PER SHARE (Schedule of
EARNING PER SHARE (Schedule of Basic and Diluted Earning Per Share)(Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($)shares | Dec. 31, 2017ILS (₪)shares | Dec. 31, 2016ILS (₪)shares | Dec. 31, 2015ILS (₪)shares | ||
Basic earnings per share: | |||||
Net Income | ₪ | ₪ 25,023 | ₪ 10,852 | ₪ 6,844 | ||
Diluted earnings per share: | |||||
Profit used to compute diluted earnings per share from continuing operations | ₪ | ₪ 25,023 | ₪ 10,852 | ₪ 6,844 | ||
Weighted average number of shares used in computing basic earnings per share from continuing operations | 13,240,913 | 13,240,913 | 13,240,913 | 13,090,729 | |
Weighted average number of shares used in computing diluted earnings per share from continuing operations | 13,240,913 | 13,240,913 | 13,240,913 | 13,090,729 | |
US Dollars [Member] | |||||
Basic earnings per share: | |||||
Net Income | $ | [1] | $ 7,216 | |||
Diluted earnings per share: | |||||
Profit used to compute diluted earnings per share from continuing operations | $ | $ 7,216 | ||||
Weighted average number of shares used in computing basic earnings per share from continuing operations | [1] | 13,240,913 | 13,240,913 | ||
Weighted average number of shares used in computing diluted earnings per share from continuing operations | [1] | 13,240,913 | 13,240,913 | ||
[1] | Convenience Translation into US Dollars. |
FINANCIAL INSTRUMENTS (Narrativ
FINANCIAL INSTRUMENTS (Narrative) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016 | Dec. 31, 2017ILS (₪) | |
Disclosure of detailed information about financial instruments [line items] | |||
Carrying amount of investments | ₪ | ₪ 143,514 | ||
Aging of impaired trade receivables | 86 days | 89 days | |
US Dollars [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying amount of investments | $ | $ 41,394 |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Classification of Financial Assets and Liabilities) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | Dec. 31, 2014ILS (₪) | |
Financial assets | |||||||
Financial assets at fair value through profit or loss | ₪ | ₪ 143,514 | ₪ 104,921 | |||||
Cash and cash equivalents | ₪ | 113,062 | 129,577 | ₪ 79,421 | ₪ 82,902 | |||
Financial asstes | ₪ | ₪ 256,576 | ₪ 234,498 | |||||
US Dollars [Member] | |||||||
Financial assets | |||||||
Financial assets at fair value through profit or loss | $ | $ 41,394 | ||||||
Cash and cash equivalents | $ | [1] | 32,611 | $ 37,374 | ||||
Financial asstes | $ | $ 74,005 | ||||||
[1] | Convenience Translation into US Dollars. |
FINANCIAL INSTRUMENTS (Schedu91
FINANCIAL INSTRUMENTS (Schedule of Other Price Risks) (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Profit or loss | ₪ 14,351 | ₪ 10,492 |
FINANCIAL INSTRUMENTS (Schedu92
FINANCIAL INSTRUMENTS (Schedule of maturity profile of non-derivatives financial instruments) (Details) - ILS (₪) ₪ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial instruments which bear interest | ₪ 87,905 | ₪ 58,464 |
Financial instruments which do not bear interest | 168,671 | 176,651 |
Non derivatives financial instruments | 256,576 | 235,115 |
1 Month [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial instruments which bear interest | 608 | 272 |
Financial instruments which do not bear interest | 168,671 | 176,651 |
Non derivatives financial instruments | 169,279 | 176,923 |
1-3 Month [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial instruments which bear interest | 728 | 1,683 |
Financial instruments which do not bear interest | ||
Non derivatives financial instruments | 728 | 1,683 |
4-12 Month [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial instruments which bear interest | 3,471 | 2,583 |
Financial instruments which do not bear interest | ||
Non derivatives financial instruments | 3,471 | 2,583 |
1-5 Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial instruments which bear interest | 13,832 | 29,580 |
Financial instruments which do not bear interest | ||
Non derivatives financial instruments | 13,832 | 29,580 |
More then 5 Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial instruments which bear interest | 69,266 | 24,346 |
Financial instruments which do not bear interest | ||
Non derivatives financial instruments | ₪ 69,266 | ₪ 24,346 |
FINANCIAL INSTRUMENTS (Schedu93
FINANCIAL INSTRUMENTS (Schedule of Non Derivative Financial Instrument One) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | Dec. 31, 2014ILS (₪) | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Cash and cash equivalents | ₪ | ₪ 113,062 | ₪ 129,577 | ₪ 79,421 | ₪ 82,902 | |||
Financial assets at fair value through profit or loss | ₪ | 143,514 | 104,921 | |||||
Non derivatives financial instruments | ₪ | ₪ 256,576 | ₪ 235,115 | |||||
US Dollars [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Cash and cash equivalents | $ | [1] | $ 32,611 | $ 37,374 | ||||
Financial assets at fair value through profit or loss | $ | 41,394 | ||||||
Non derivatives financial instruments | $ | $ 74,005 | ||||||
[1] | Convenience Translation into US Dollars. |
FINANCIAL INSTRUMENTS (Schedu94
FINANCIAL INSTRUMENTS (Schedule of Exchange Rate Risk) (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
US Dollars [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange financial assets | ₪ 38,034 | ₪ 43,263 |
Foreign exchange financial liabilities | 1,944 | 1,387 |
Euro [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange financial assets | 1,299 | 57,805 |
Foreign exchange financial liabilities | ₪ 3,568 | ₪ 6,071 |
FINANCIAL INSTRUMENTS (Schedu95
FINANCIAL INSTRUMENTS (Schedule of Sensitivity Analysis) (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
US Dollars [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Profit or loss | ₪ 3,609 | ₪ 4,187 |
Euro [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Profit or loss | ₪ (277) | ₪ 5,173 |
FINANCIAL INSTRUMENTS (Schedu96
FINANCIAL INSTRUMENTS (Schedule of Classification of Financial Instruments by Fair Value Hierarchy) (Details) - ILS (₪) ₪ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets 'at fair value through profit or loss' (FVTPL) | ||
Marketable securities and derivatives | ₪ 143,514 | ₪ 104,921 |
Level 1 [Member] | ||
Financial assets 'at fair value through profit or loss' (FVTPL) | ||
Marketable securities and derivatives | 143,514 | 104,921 |
Level 2 [Member] | ||
Financial assets 'at fair value through profit or loss' (FVTPL) | ||
Marketable securities and derivatives | ||
Level 3 [Member] | ||
Financial assets 'at fair value through profit or loss' (FVTPL) | ||
Marketable securities and derivatives |
OTHER FINANCIAL ASSETS AND LI97
OTHER FINANCIAL ASSETS AND LIABILITIES (Details) ₪ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) |
Forward contracts [Member] | |||
Derivatives designated as hedges: | |||
Financial liabilities, at fair value | ₪ | ₪ (12) | ||
Forward contracts [Member] | US Dollars [Member] | |||
Derivatives designated as hedges: | |||
Financial liabilities, at fair value | $ | |||
Bottom of range [Member] | |||
Derivatives designated as hedges: | |||
Exchange Rate | 3.845 | 3.845 | |
Top of range [Member] | |||
Derivatives designated as hedges: | |||
Exchange Rate | 3.855 | 3.855 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Revenues from Main Customers of Imports Segments) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
Disclosure of operating segments [line items] | |||||
Revenue | ₪ | ₪ 311,978 | ₪ 294,202 | ₪ 312,514 | ||
US Dollars [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | $ | [1] | $ 89,985 | |||
Customer A [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | ₪ | ₪ 50,053 | ₪ 46,171 | ₪ 57,161 | ||
Customer A [Member] | US Dollars [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | $ | [1] | $ 14,437 | |||
[1] | Convenience Translation into US Dollars. |
SEGMENT INFORMATION (Schedule99
SEGMENT INFORMATION (Schedule of Revenues from Principal Product of Imports Segments) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | ||
Disclosure of operating segments [line items] | |||||
Revenue | ₪ | ₪ 311,978 | ₪ 294,202 | ₪ 312,514 | ||
US Dollars [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | $ | [1] | $ 89,985 | |||
Canned Vegetables and Pickles [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | ₪ | 38,545 | 41,991 | 41,161 | ||
Canned Vegetables and Pickles [Member] | US Dollars [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | $ | 11,118 | ||||
Dairy and Dairy Substitute Products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | ₪ | 118,800 | 108,250 | 100,321 | ||
Dairy and Dairy Substitute Products [Member] | US Dollars [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | $ | 34,266 | ||||
Canned Fish [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | ₪ | ₪ 50,684 | ₪ 45,111 | ₪ 35,910 | ||
Canned Fish [Member] | US Dollars [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | $ | $ 14,619 | ||||
[1] | Convenience Translation into US Dollars. |
RELATED PARTIES (Schedule of Tr
RELATED PARTIES (Schedule of Transaction with Related Parties) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) | |
Disclosure of transactions between related parties [line items] | ||||
Sales of goods to the Parent Company | ₪ | ₪ 93 | ₪ 208 | ₪ 265 | |
Participation in expenses with Parent Company | ₪ | 95 | 296 | 301 | |
Salary management fees, and bonus to related parties | ₪ | 2,281 | 2,190 | 17,108 | |
Salary and bonus to key management personal | ₪ | 2,734 | 3,091 | 1,599 | |
Share-based payment | ₪ | 152 | |||
Car expenses | ₪ | ₪ 498 | ₪ 383 | ₪ 1,016 | |
US Dollars [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sales of goods to the Parent Company | $ | $ 27 | |||
Participation in expenses with Parent Company | $ | 28 | |||
Salary management fees, and bonus to related parties | $ | 658 | |||
Salary and bonus to key management personal | $ | 789 | |||
Share-based payment | $ | ||||
Car expenses | $ | $ 144 |
RELATED PARTIES (Schedule of Ba
RELATED PARTIES (Schedule of Balances with Related Parties) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) |
Due to officers [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Balances with Related Parties | ₪ | ₪ 24 | ₪ 42 | |
Due to officers [Member] | US Dollars [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Balances with Related Parties | $ | $ 7 | ||
Parent [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Balances with Related Parties | ₪ | ₪ (6) | ₪ 361 | |
Parent [Member] | US Dollars [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Balances with Related Parties | $ | $ (2) |
GUARANTEES AND PLEDGES (Schedul
GUARANTEES AND PLEDGES (Schedule of Secured Liabilities of Group) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) |
Disclosure of financial liabilities [line items] | |||
Bank letters of credit | ₪ 2,979 | ₪ 1,580 | |
Secured liabilities | 2,979 | 1,580 | |
Liabilities to banks | ₪ 7,106 | ₪ 6,502 | |
US Dollars [Member] | |||
Disclosure of financial liabilities [line items] | |||
Bank letters of credit | $ | $ 859 | ||
Secured liabilities | $ | $ 859 |
SIGNIFICANT EVENTS DURING AN103
SIGNIFICANT EVENTS DURING AND AFTER THE REPORTING PERIOD (Details) $ / shares in Units, € in Thousands, ₪ in Thousands, $ in Thousands | Jan. 03, 2018ILS (₪) | Jul. 05, 2017ILS (₪) | May 10, 2016ILS (₪) | Mar. 03, 2016EUR (€) | Jan. 18, 2018USD ($)shares | Jul. 27, 2017ILS (₪) | Jul. 23, 2017USD ($) | Jul. 23, 2017ILS (₪) | Feb. 13, 2017ILS (₪) | Feb. 24, 2016USD ($) | Jan. 31, 2016USD ($) | Jan. 18, 2016ILS (₪) | Mar. 26, 2018USD ($) | Dec. 06, 2017ILS (₪) | Aug. 08, 2017ILS (₪) | Jul. 06, 2017USD ($) | Mar. 21, 2017USD ($) | Feb. 15, 2017USD ($) | Dec. 30, 2016USD ($) | Nov. 22, 2016USD ($)$ / shares | Nov. 22, 2016ILS (₪) | Jun. 30, 2015ILS (₪) |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Amount of lawsuits | ₪ 4,000 | ₪ 3,000 | ||||||||||||||||||||
Disbursement of dividend | ₪ 18,790 | |||||||||||||||||||||
Disbursement of dividend attributed to shareholders | 11,637 | |||||||||||||||||||||
Disbursement of dividend attributed to non-controlling interest | ₪ 7,153 | |||||||||||||||||||||
Mr. Iram Graiver [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Claiming payment of social rights and compensation | ₪ 2,377 | |||||||||||||||||||||
Repayment of funds | ₪ 1,694 | |||||||||||||||||||||
Mega Retail Ltd [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Unsecured debt received | ₪ 4,900 | |||||||||||||||||||||
Deferred Debt amount | ₪ 3,900 | |||||||||||||||||||||
Mega Retail Ltd [Member] | Bottom of range [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Amount received in sale consideration | ₪ 400,000 | |||||||||||||||||||||
Mega Retail Ltd [Member] | Top of range [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Amount received in sale consideration | ₪ 450,000 | |||||||||||||||||||||
BHWFI [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Number of bonds purchase | shares | 300 | |||||||||||||||||||||
Maturity date | Dec. 31, 2018 | |||||||||||||||||||||
US Dollars [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Claim alleges in damages | $ | $ 3,000 | |||||||||||||||||||||
Disbursement of dividend | $ | $ 5,000 | |||||||||||||||||||||
Dividend per share | $ / shares | $ 0.38 | |||||||||||||||||||||
Disbursement of dividend attributed to shareholders | $ | $ 3,097 | |||||||||||||||||||||
Disbursement of dividend attributed to non-controlling interest | $ | $ 1,903 | |||||||||||||||||||||
US Dollars [Member] | Mr. Iram Graiver [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Claiming payment of social rights and compensation | $ | $ 686 | |||||||||||||||||||||
US Dollars [Member] | BHWFI [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Par value of bonds issued | $ | $ 10,000 | |||||||||||||||||||||
Debt Interest rate | 6.00% | |||||||||||||||||||||
Euro [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Amount of lawsuits | € | € 530 | |||||||||||||||||||||
BGI and BSD [Member] | US Dollars [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Amount of funds extracted | $ | $ 60,000 | |||||||||||||||||||||
Czech Republic [Member] | US Dollars [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Amount of investment in bonds | $ | $ 3,000 | $ 3,000 | ||||||||||||||||||||
Actually purchased [Member] | BHWFI [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Number of bonds purchase | shares | 225 | |||||||||||||||||||||
BHWFI [Member] | US Dollars [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Redemption of bonds | $ | $ 1,800 | |||||||||||||||||||||
Additional undertaking to invest in additional bonds | $ | $ 5,000 | |||||||||||||||||||||
Interest received of bonds | $ | $ 1,145 | $ 400 | $ 200 | |||||||||||||||||||
Uncertainty collecting outstanding balance | $ | $ 1,600 | |||||||||||||||||||||
Lawsuit [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Amount of lawsuits | ₪ 2,700 | |||||||||||||||||||||
Trustees [Member] | Mega Retail Ltd [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Amount received from trustees | ₪ 433 | ₪ 183 | ₪ 110 | |||||||||||||||||||
Allocation of doubtful debts [Member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Allocation of doubtful debts | 1,800 | |||||||||||||||||||||
Net balance of allocation for doubtful debts | ₪ 1,200 |